The Monthly Income Plan is tailored for those individuals who regularly need money to supplement their income i.e. each month. Interest earned on your deposit becomes another source of income.
- This plan does not demand any extra formalities, as concerns overdrafts and withdrawals, hence enabling you to withdraw as much as 95% of the deposit amount.
- Provides you the comfort of liquidity along with a security of your money being in safe hands.
- An additional 0.50% interest for senior citizens (applicable only for deposits of Rs. 10000/- and above).
- Provision for nomination.
- Deposit account can be opened with minimum amount of Rs. 1,000/- and subsequent deposits in multiples of Rs.100/-.
- Deposit Tenure:
- Minimum - 12 months.
- Maximum - 120 months.
- Interest will be paid on monthly basis at discounted rate.
- No penalty for premature payment will be levied in case of premature payment of deposits up to Rs. 5 Lakhs provided it remained with the Bank for a minimum period of 12 months.
- On pre-matured withdrawal of your deposits, interest will be calculated at 1% below the rate applicable for the period of deposits.
- Interest payments are subject to TDS (Tax Deducted at Source).
- Documents required:
- Passport size photograph
- Proof of residence
- An Introduction as per bank's norms
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