| Eligibility | 1. Individuals
a). Single, b). Two or more individuals, c). Severally or Jointly, d). Minors, e). Illiterates, f). Blind Persons.
2. Executors and
Administrators
3. Liquidators and Receivers
4. Sole-Proprietorship
concerns
5. Joint Hindu Families
6. Partnership Firms
7. Limited Companies
8. Trusts
9. Non-corporate bodies like
Clubs, Committees,
Associations etc.
10. Schools, Colleges
11. Societies
12. Government / Semi -
Government Bodies
|
| Type of account | Reinvestment Plan Deposit |
| Tenure | 6 Years |
| Interest Rates | * 7% p.a. for General Public.
* 7.5% p.a for Senior Citizen.
* 8% p.a for Staff. |
| Salient Features | A time deposit to earn cumulative compounded interest.
|
| Maturity Amount |
|
Maturity
Amount for Specified Denominations
|
Maturity
Amount (in Rs.) - 6 years
|
|
General
Public
|
Senior
Citizen
|
Staff
|
|
Rs.1000/-
|
1516/-
|
1562/-
|
1608/-
|
|
Rs.5000/-
|
7582/-
|
7809/-
|
8042/-
|
|
Rs.10000/-
|
15164/-
|
15618/-
|
16084/-
|
|
Rs.50000/-
|
75822/-
|
78090/-
|
80422/-
|
|
Rs.100000/-
|
151644/-
|
156179/-
|
160844/-
|
|
| Min Amt | * The deposit receipt will be issued in 5 denominations i.e.,
Rs.1000/-, Rs.5000/-, Rs.10000/-, Rs.50000/- and Rs.1lakh.
* There will be 3 categories i.e., General Public, Senior Citizen and
Staff. |
| Charges | Premature closure : Foreclosure norms is as per the extant guidelines. The table showing maturity value at half yearly intervals for a deposit of Rs.1000/- starting from 1st year is provided in the annexure and the same has to be affixed on the back of the deposit receipt. |
| Pledge | Term deposit can be pledged to secure loan or as security to any other asset. |
| TDS | TDS is applicable and , Form
15G / 15H accepted as per the
extant guidelines. |
| Other Requirements/Details | All other terms and conditions
of existing RIP deposit scheme
is applicable to IB Savings
Certificate also. |
