Motor Accident Claims Annuity Deposit
Product Nature
Annuity
Acceptable Deposit
Award issued by Court / Tribunal under Motor Accident Claims
The pre-requisite of opening MACAD (Term Deposit) is to open a linked savings account in MACT Claims SB Account scheme in which the annuity amount will be credited.
The annuity amount on monthly basis net of TDS, will be credited to the MACT Savings Bank account.
Eligibility
Individuals including Minors through guardian in single name.
Mode of Operation
Single (As per direction of Court/ Govt order)
Deposit Amount
| Minimum |
As per Court/ Tribunal order (subject to minimum Rs.1000/- as monthly annuity) |
| Maximum |
No Limit |
Duration
36 to 120 months
Rate of Interest
Prevailing rate of interest as per Tenure. Additional interest payment (0.50%) feature to senior citizen.
Deposit Receipt
No receipt will be issued to the deposit for MACAD. Customer will be issued a passbook for his linked MACT Claims SB account.
Nomination facility
MACAD shall be duly nominated as per direction of the court.
Availability of Loan/Overdraft against security of Deposits
No Loan/ Advance is allowed against MACAD.
Premature Closure
Premature closure or part lump sum payment of MACAD during the life of the claimant will be made only with permission of the court. However, if permitted, the annuity part will be reissued for balance tenure and amount, if any, with change in annuity amount.
Premature closure penalty will not be charged.
In case of death of the claimant, payment to be given to the nominee. The nominee has an option to continue with the annuity or seek pre-closure.