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Opt for Motor Accident Claims Annuity Deposit and get multiple benefits.
|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
|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||
|Availability Of Loan/Overdraft Against Security Of Deposits||No Loan/ Advance is allowed against MACAD.|
|Other Terms And Conditions||
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