Enjoy an increasing rate of interest with longer periods of deposit. Compound interest ensures that your savings grow faster. The plan provides you with the facility of overdrawing your account by way of a pre-issued cheque of up to 95% of your deposits.
- 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 compounded quarterly & credited to your account half yearly.
- 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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