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Motor Accident Claims Annuity Deposit

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.

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