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Short Term Deposits

Short Term Deposits

SCHEME Term deposits repayable after an agreed period fixed at the time of deposit with interest payment on maturity of the deposit along with the principal.
TARGET CUSTOMERS ·       A person in his/her own name;

·       Minor(s) represented by his/her/their guardian;

·       Two persons with one of the following clauses:

·       A. Jointly B. Either or Survivor & C. Former or Survivor

·       More than two persons repayable either (a) jointly or (ii) to anyone or the survivor(s) of them:

·       A firm, a company or an association in its name

AMOUNT Minimum Deposit – Rs.1000/- and multiples of Rs.100/-

No maximum amount.

MODE OF INTEREST PAYMENT Interest payable is renewed with principal on maturity.
TENOR OFFERED Minimum       7 Days

Maximum     180 Days

INTEREST PAY OUT FREQUENCY Interest would be paid along with principal on maturity subject to TDS.
ADDITIONAL BENEFITS FOR SENIOR CITIZEN ·       Additional interest of 0.50% p.a payable
MONETARY LIMIT FOR ADDITIONAL INTEREST FOR SENIOR CITIZEN ·       For amounts up to Rs.10 cr.

·       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.

ADDITIONAL BENEFITS FOR STAFF ·       Additional interest of 1.00% p.a payable

 

MONETARY LIMIT FOR ADDITIONAL INTEREST FOR STAFF ·        For amounts up to Rs.2 cr.
ADDITIONAL BENEFITS FOR EX-STAFF SENIOR CITIZEN ·       Additional interest of 1.50% p.a payable
MONETARY LIMIT FOR ADDITIONAL INTEREST FOR EX-STAFF SENIOR CITIZEN ·       For amounts Up to Rs.10 cr.

·       .

·                    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.

NOMINATION FACILITY ·       Available
ROLL OVER FEATURES ·       Available Automatic renewal facility for period of original deposit after 10 years account to be closed and opened afresh.
PRECLOSURE FACILITY ·       Available
PRECLOSURE PENALTY ·       As per existing penalty structure
TDS / 15G/15H ·        As applicable & As per eligibility
LOAN AGAINST DEPOSIT ·       Available as per terms and conditions
ANY OTHER INFORMATION RELEVANT TO THE PRODUCT ·       Additional rate would be offered on all deposits of 7 days to 10 years except for deposits under Capital Gain Scheme 1988 & NRE.

·        However, in the case of term deposits standing in the name of an HUF, the Karta of the HUF is not eligible for higher rate of interest, even if he is a senior citizen, as the beneficial owner of the deposit is the HUF and not the Karta in his individual capacity

( Last modified on Apr 24, 2020 at 03:04:29 PM )