Gen-Next Suvidha

• Anywhere banking facility.
• Transfer of Recurring Deposit accounts between our wide network of branches without any charge.
• Free Internet Banking facility.
• Nomination facility available.
• Free NEXT-GEN Credit Card with Add on card for spouse.

Product Nature

This is a Recurring Deposit product enabling the customer to make regular savings on monthly basis and earn higher interest.

Customer Segment

• Individuals in their single / joint names.
• Minors of age 10 years and above jointly with their parents / natural guardians.
• Minors below 10 years age through their parents.

Minimum / Maximum Amount

There is no minimum balance requirement in the account and as such no service charges shall be levied towards this.

Maximum Amount

• Gen-next Suvidha Account can be opened with monthly installments of Rs.100/- or above & in multiples thereof with a maximum of Rs.10, 000/- per month.
• The number of installments can range from 12 to 120 months (In multiples of 3 months).
• The depositor shall, at the time of opening the account, stipulate the amount of core monthly installment and the number of installments payable by him which shall not subsequently alter.
• The depositor is given an option to deposit higher monthly installment in the account as and when available and the maximum amount should not exceed Rs. 10,000/- per month. However, monthly installments paid during the time gap of less than 24/12 months (depending upon the period chosen) at the ending stage of the accounts tenure, shall not exceed in any month three times the core monthly installment or Rs. 10,000/- whichever is less.

Loan Against Deposit

• Loan can be considered against the deposit in the account in accordance to normal guidelines for advances against Recurring Deposit.
• Interest shall be charged on such loan at the rates advised from time to time on Loan against Banks Own Deposits.

For detailed information on the benefits you can avail of, and terms and conditions to follow for the same

Rate Of Interest

As decided by bank from time to time for Term Deposits of same tenure.

• The installment must be paid on or before the 10th day of every month to be considered eligible for interest for that month.
• Installments will be accepted free of charge at any of the branches of our Bank.
• The account will mature for payment on the pre-determined due date at the time of opening or one month after the date of depositing the last instalment.
• The Bank reserves the right to close any account after giving due notice in which the monthly installments are not paid consecutively for 3 months.
• If a sole depositor, or in the case of a joint account, all the depositors, desire(s) to discontinue the account before all the agreed installments are paid, the amount of installments already paid will be repayable together with interest.
• If an account is closed or discontinued for any reason before all the agreed installments are paid by the depositor, the amount of installments already paid may be repaid together with interest calculated at a rate 1% below the rate applicable at the time of opening the account for the period for which the deposit has remained with the Bank.
• If an account is closed within 12 months of its opening, a charge of Rs.50/- will be levied.