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Gen-Next Suvidha

Product Nature

  • This is a Recurring Deposit product enabling the customer to make regular savings on monthly basis and earn higher interest.

Customer Segment

  • Individuals in their single / joint names.
  • Minors of age 10 years and above jointly with their parents / natural guardians.
  • Minors below 10 years age through their parents.

Minimum / Maximum Amount

  • There is no minimum balance requirement in the account and as such no service charges shall be levied towards this.

Maximum Amount

  • �Gen-next Suvidha� Account can be opened with monthly installments of Rs.100/- or above & in multiples thereof with a maximum of Rs.10, 000/- per month.
  • The number of installments can range from 12 to 120 months (In multiples of 3 months).
  • The depositor shall, at the time of opening the account, stipulate the amount of core monthly installment and the number of installments payable by him which shall not subsequently alter.
  • The depositor is given an option to deposit higher monthly installment in the account as and when available and the maximum amount should not exceed Rs. 10,000/- per month. However, monthly installments paid during the time gap of less than 24/12 months (depending upon the period chosen) at the ending stage of the account�s tenure, shall not exceed in any month three times the core monthly installment or Rs. 10,000/- whichever is less.

Rate Of Interest

As decided by bank from time to time for Term Deposits of same tenure.

Loan Against Deposit

  • Loan can be considered against the deposit in the account in accordance to normal guidelines for advances against Recurring Deposit.
  • Interest shall be charged on such loan at the rates advised from time to time on Loan against Bank�s Own Deposits.

For detailed information on the benefits you can avail of, and terms and conditions to follow for the same, CLICK HERE.

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