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Money multiplier Deposits

Money multiplier Deposits

Interest Application

  • Quarterly compounding

Min Amt

  • Minimum amount – Rs.1000/- and in multiples of Rs.100/-
  • No maximum amount

Min Period

  • Minimum- 6 months.
  • Maximum normally- 10 years

Other Requirements/Details

  • Automatic renewal facility for equal period.
  • Loan/nomination/pre closure facility available.
  • Penalty on foreclosure of Deposit is applicable.
  •  Senior Citizens eligible for additional rate of 0.50% p.a for an aggregate amount up to Rs.10 crore.
  • However, no Single deposit to be opened in a day for more than Rs 2 Cr within the overall limit of Rs 10 Cr tagged to a single CIF.
  • The above ceiling is applicable to all types of term deposits standing in the name of the Senior Citizen as the principal account holder at one or more branches put together.

( Last modified on Apr 23, 2020 at 04:04:38 PM )