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IB Savings Certificate
Eligibility1. Individuals
a). Single, b). Two or more individuals, c). Severally or Jointly, d). Minors, e). Illiterates, f). Blind Persons.
2. Executors and Administrators
3. Liquidators and Receivers
4. Sole-Proprietorship concerns
5. Joint Hindu Families
6. Partnership Firms
7. Limited Companies
8. Trusts
9. Non-corporate bodies like Clubs, Committees, Associations etc.
10. Schools, Colleges
11. Societies
12. Government / Semi - Government Bodies
Type of accountReinvestment Plan Deposit
Tenure6 Years
Interest Rates* 7% p.a. for General Public.
* 7.5% p.a for Senior Citizen.
* 8% p.a for Staff.
Salient FeaturesA time deposit to earn cumulative compounded interest.
Maturity Amount

Maturity Amount for Specified Denominations

Maturity Amount (in Rs.) - 6 years

General Public

Senior Citizen

Staff

Rs.1000/-

1516/-

1562/-

1608/-

Rs.5000/-

7582/-

7809/-

8042/-

Rs.10000/-

15164/-

15618/-

16084/-

Rs.50000/-

75822/-

78090/-

80422/-

Rs.100000/-

151644/-

156179/-

160844/-

Min Amt* The deposit receipt will be issued in 5 denominations i.e., Rs.1000/-, Rs.5000/-, Rs.10000/-, Rs.50000/- and Rs.1lakh.
* There will be 3 categories i.e., General Public, Senior Citizen and Staff.
ChargesPremature closure : Foreclosure norms is as per the extant guidelines. The table showing maturity value at half yearly intervals for a deposit of Rs.1000/- starting from 1st year is provided in the annexure and the same has to be affixed on the back of the deposit receipt.
PledgeTerm deposit can be pledged to secure loan or as security to any other asset.
TDSTDS is applicable and , Form 15G / 15H accepted as per the extant guidelines.
Other Requirements/DetailsAll other terms and conditions of existing RIP deposit scheme is applicable to IB Savings Certificate also.



 
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