Ideal for long term investments. Secure money that earns good returns and can be easily liquidated.
This product provides an answer to two very basic requirements of a deposit keeper:
- Easy liquidity even with a long term period.
- Increasing interest in proportion to the increasing term of deposit.
- Avail of Overdraft / loan against deposit up to 95% of the deposit amount (plus accrued interest) without the hassles of a guarantor or processing fee or, filling of any forms etc.
- Interest will be charged at 1.50 % over the deposit rate with monthly rests in case of depositor being the borrower and higher in case your friends wants to avail of the loan.
- No processing fee is charged on loans and advances taken against Bank's Deposits.
- For deposits up to Rs. 5 Lakhs, no interest will be charged for premature withdrawal, provided it has remained with bank for a minimum period of 12 months.
- Automatic renewal of deposit on maturity, thereby avoiding interest loss in the absence of instructions from you.
- The Government accepts this deposit as a Security.
- Accepted as margin money for Non-fund based facilities.
- Provision for nomination.
- Minimum deposit required is Rs. 1000/- followed by regular deposits in multiples of Rs. 100/-.
- Deposit Tenure:
- Minimum period of deposit - 12 months.
- Maximum period of deposit - 120 months.
- Compound interest is calculated quarterly and can be paid on a monthly (discounted value of the interest amount is payable), quarterly, half-yearly basis or on maturity.
- Rate of interest depends on maturity period.
- Interest payments are subject to TDS (Tax Deducted at Source).
- Deposit of Rs.10000/- are subject to TDS.
- An additional interest of .5% is paid to the senior citizens for their deposits above Rs. 10000/-.
- Documents required:
- Passport size photograph
- Proof of residence
- An introduction as per Bank's norms
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