Motor Accident Claims Annuity Deposit (MACAD) TD178

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Features

Product Nature	The main feature of the Fixed Deposit product is that ‘One time lump sum amount, as decided by the Court / Tribunal, is deposited to receive the same as Annuity, comprising a part of the principal amount as well as interest’. One of the pre-requisite of opening MACAD is to open a linked savings account in MACT Claims SB Account scheme in which the annuity amount will be credited.
Product Specifications	One time lump sum amount, as decided by the Court / Tribunal, deposited to receive the same as Annuity, comprising a part of the principal amount as well as interest. Principal becomes NIL at the end of the term of the account.
Eligibility	Iindividuals including Minors through guardian in single name.
Mode Of Operation/ Holding	Single (As per direction of Court/ Govt. order)
Deposit Amount	Minimum – Based on minimum monthly annuity Rs.1,000/- for the relevant period. Maximum: No Limit
Duration:	36 to 120 months In case the period is less than 36 months, normal FD will be opened. MACAD for longer period (more than 120 months) will be booked as per direction of the Court.
Rate Of Interest	Prevailing rate of interest as per Tenure. Additional interest payment (0.50%) feature to senior citizen.
Interest Payment	Payment of annuity (Part principal & interest) amount will be credited in the linked MACT Claims SB Account
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.
Tax Deduction At Source	Interest payment is subject to TDS as per Income Tax Rules. Form 15G/15H can be submitted by the Depositor to get exemption from Tax deduction. The annuity amount on monthly basis net of TDS, will be credited to the MACT Savings Bank account.
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.
Other Terms And Conditions	All other terms and conditions as applicable to term Deposit shall be applicable under these products also. Any modification/ closure to be done in MACAD only if directed to do so by Court Order.