Visa SB A/c

our value increased savings account visa

Learn more about our Value Increased Savings Account [VISA] from TMB.

Visa SB A/c

This is a modern two in one savings plus fixed deposit account where your money gets auto swiped into fixed deposits & yet it is accessible as and when required. This gives the benefit & convenience of withdrawing money anytime anywhere & get decent interest on the savings at the same time. Nomination facility is available.

Features & Benefits
The scheme has all the features of Savings Bank Account and return of Term Deposits. Balance from Savings Bank Account automatically sweeps into term deposit after a threshold limit of Rs. 5,000.00. When the payment is required, balance from term deposits automatically sweeps out to Savings Bank Account.
Eligibility
Individuals either jointly or single, Clubs, Associations, Trusts, Hospitals, Schools and Colleges who are eligible to open SB accounts.
Minimum Balance
A quarterly average minimum balance of Rs. 5,000.00 has to be maintained in the said savings account.
Penalty for non-maintenance
In case the average quarterly balance comes down below Rs. 5,000.00, penalty of Rs. 100.00 + applicable service tax per quarter towards non-maintenance of minimum balance in Savings Bank Account will be charged.
Auto Sweep Facility
The customer would be free to change the threshold limit at any time without any restriction, subject to a minimum of Rs. 5,000.00.
Any balance above the threshold limit opted by the customer will be transferred to (sweep out) term deposit in multiples of Rs. 1,000.00 and start earning term deposit interest rate applicable for the maturity period opted by the customer.
Auto sweep periodicity would be operative at intervals as per option given by the party (Daily, Weekly, Fortnightly and Monthly). In case of any holiday, sweep will be made on next working day.
Period of Deposit
VISA FD Scheme (VSAFDG/VISAFDS/VIFDC)
All term deposit (created by sweep out transactions) will be opened for minimum period of 15 days and a maximum of 1 year (Deposit to be made in multiples of days).
VISA MKD Scheme (VIMKD/VIMKS/VIMKC)
All term deposits (created by sweep out transactions) will be opened for a minimum period of 12 months and a maximum 120 Months. (Deposit to be made in multiples of 3 Months).
Interest
  • Deposits under the scheme are eligible for Simple interest as per bank norms.
  • Deposit will be closed in “Last In - First Out” basis in Rs. 1,000.00 units. Interest will be calculated for the amount closed for the actual period run subject to penalty in case of premature closure as per bank norms. Remaining amount, if any, will continue to enjoy the agreed interest rate till maturity.
Closure Procedure
Deposit accounts opened under this scheme will be closed in case of need in “Last In - First Out” basis automatically in multiples of Rs. 1,000.00. Withdrawal of units of Rs. 1,000.00 in “Last in First out” to meet the overdraft in Savings Bank account on account of payment through ATM, cheque received in clearing / collection or across the counter. The units so withdrawn shall cease to earn interest from the date of withdrawal. Interest shall be calculated till the date if withdrawal for the actual period run subject to penalty in case of premature closure as per bank norms.
Nomination
Nomination facility available.
TDS
  • Interest on Deposit amount is subject to Tax Deduction at Source and be governed by the Income Tax Act 1961 and amendments thereof.
  • Form No. 15(H) may be submitted towards exemption from TDS.

Most Important Terms & Conditions governing SB Account Operations:

Rules and Regulations governing SB Account Operation:

Download the Application Form: