Deposits can be opened for monthly installments in sums of Rs. 10 or in multiples of Rs. 10
Operational Guidelines
Every depositor shall pay the monthly installment for any month within 30 days
Key Features
Loans can be obtained against the deposit amount
Deposits can be made maximum to the period of 10 years
Standing instruction is accepted for transferring the monthly installments from the customer’s Savings Bank / Current account
Period of Deposit
Deposits can be made between 1 year to 10 years
Product Highlights
Deposits can be opened for monthly installments in sums of Rs. 10 or in multiples of Rs. 10
Simple interest is eligible, depending upon the period of deposit
Nomination facility is available
Premature Closing is allowed, subject to penalty if any
Loans can be obtained against the deposit amount
Operational Guidelines
Every depositor shall pay the monthly installment for any month within 30 days from the date of that installment, failing which interest will be charged on the installments in arrears at the appropriate rate ruling from time to time
Depositors are at liberty to pay the deposit in advance for any number of installments
The fraction of month shall be treated as full month for the purpose of calculating penal interest
Standing instruction is accepted for transferring the monthly installments from the customer’s Savings Bank / Current account
If a depositor is habitually late in depositing the installment or if the deposit is in arrears for a period exceeding three months, the bank may at its discretion close the account. On such closure, the deposit shall be entitled to the amount already deposited with interest at the rate applicable to the period for which the deposit remained with the bank less 1% penalty
