IND COURT
IND COURT
Bank in order to comply with the directions of Hon’ble Court /Tribunal Orders for opening multiple term deposits of different amounts in a single day, a special term deposit Product “IND COURT “ has been introduced.
These term deposits are to be opened as per the direction of Hon’ble court during the pendency of proceedings before them and as per the court case number /jointly in the name of the claimant.
Under this Product, Branches will be able to open multiple retail term & bulk deposits in a single day without any cap on the intraday with a single CIF to comply with the order of Court/Tribunal other than MACAD Deposits.
Salient Features:
| Target Group | Judiciary Bodies (Courts /Tribunals)
Ø Registrar General of the Court Ø Presiding Officer Except Motor Accident Claims Annuity Deposit accounts. (MACAD) |
| Deposit Amount | Minimum – ₹100/-
Maximum – No limit |
| Tenor | Minimum; – 7 Days
Maximum – 10 years |
| Rate of Interest | For Deposit Below ₹2 Crs – Retail Card Rate
For Deposit of ₹2 Crs and above- Bulk Card Rates |
| Mode of Interest Payment | Monthly / Quarterly / Maturity |
| Nomination Facility | Not Allowed |
| Roll Over Option | Available
Auto Rollover of the maturity amount (principal +interest) will be in the respective maturity bucket. |
| Pre Closure Facility | Available
Premature Closure to be allowed only after proper mandate has been received from the concerned authority. |
| PRECLOSURE PENALTY | As per existing norms. |
| LOAN AGAINST DEPOSIT | Not Allowed |
| TDS | Exempted under the guidelines of Circular No.23/2015 dated 28.12.2015 issued by CBDT, Dept. of Revenue under Ministry of Finance. |
| 15G /15H | Not Applicable |
| Other Terms & Conditions | · System will allow opening of multiple term deposits in a single day through home branch
· The account should be fully KYC Compliant. · Valid PAN/Form-60 should be obtained wherever applicable. · Loan against the Term Deposit Opened under this product is not allowed. · Home Branch change not allowed. |
( Last modified on Jul 01, 2023 at 06:07:01 PM )
