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