| Salient Features | A time deposit to earn cumulative compounded interest with easy liquidity
|
| Eligibility | Individuals (a) single (b) Two or more individuals severally or jointly (c) Minors (d) Illiterates (e) Blind people. Executors and Administrators. Liquidators and Receivers. Sole – Proprietorship concerns. Joint Hindu families. Partnership firms. Limited Companies. Trusts. Non-Corporate bodies like Clubs, Committees, Associations etc. Schools, Colleges. Government / Semi-Government bodies.
|
| Min Amt | Rs.100
|
| Max Amt | No Maximum
|
| Min Period | 6 Months
|
| Max Period | 120 Months
|
| Other Requirements/Details | * Interest will be paid on maturity with quarterly compounding.
* Loan facility : Upto 90% of the principal amount+accrued interest thereon with rate of interest at 2% p.a. over the rate of interest payable to deposit.
* Deposits can be foreclosed before the due date with the penalty pravailing on the date of such foreclosure.
* TDS will be deducted as per rules from time to time under 194A of the Income Tax Act.
* Customers can give 15G/15H as the case may be at the time of opening the account and every year during April, tax will not be deducted.
* Deposit will be automatically renewed for equal period of earlier deposit subject to the maximum period of 12 months in the absence of instructions from the customers before due date.
* The customer can vary the contract terms like period etc within 14 days from the date of such auto renewal.
* Premature renewal facility without penalty is available provided the term deposit is extended for a further period longer than the original due date.
* Nomination Facility Available
|
