TERM DEPOSIT WITH PREMATURE PARTIAL WITHDRAWAL FACILITY “IND FLEXI FIX”
Bank is introducing a special Term Deposit Product “IND Flexi Fix “w.e.f 13.02.2023 under which the depositors are allowed to withdraw a part of their deposits prematurely without affecting the rate of interest or maturity date of the remaining part of the deposit.
In other words, this product allows 4 premature partial withdrawals without closing the account
|Target Customer||Govt. Department, PSU, Large Corporates are eligible for opening account under this product.|
|Minimum Amount: Rs.100.00 Crore
Maximum Amount : No Limit.
|Type of account||STD/ MMD|
|Tenure||15 days to 1 year|
|Rate of interest||Card Rate|
|Premature Withdrawal||o Amount of each Premature Partial withdrawal shall be minimum of Rs.10,00,000/- and in multiple of Rs.1,00,000/- thereafter.
o Premature Partial withdrawal will be allowed only for 4 times up to 25% of the deposit during the tenor of the deposit, beyond which Partial Withdrawal is not allowed and if further withdrawal before maturity is required, the deposit is to be foreclosed. Only 1 withdrawal per day.
o Interest on the portion of the deposit partially withdrawn will be paid at the prevailing rate on the date of opening
o The balance deposit amount after Premature Partial Withdrawal would continue to earn the original contracted rate of interest for the period for which it was placed.
o Penalty for premature withdrawal of deposit will be applicable as per existing Bank circularized guidelines.
o TDS as applicable will be deducted by the Bank at the time of each premature withdrawal.
o Only Passbook will be issued and a letter & pass book duly discharged by authorised signatories to be surrendered for each withdrawal
( Last modified on Jul 01, 2023 at 06:07:16 PM )