A Scheme for High Return on your savings even for a short period of less than 1 year. An ideal option for all transitory savings to meet the requirements. An ideal option for all transitory savings.
- Overdraft / loan against deposit provided on demand upto 95% of deposit amount without any guarantor and processing fee, filling of any forms etc. even for 1 day and upto the maturity period of deposits to meet short term requirements and needs.
- For such advances interest shall be charged 1.5% over the deposit rate with monthly rests in case of depositor -borrower and in case your friends want to avail loan against your deposit the rate of interest will be a little higher depending on loan amount.
- Accepted as a Security by Govt. Dept.
- Accepted as margin for Non-fund based facilities.
- Nomination facility is available.
- Minimum deposit amount of Rs.1000/-
- Minimum period of deposits - 7 days
- Maximum - less than 12 months. ( period of 7 days to 14 days - applicable for deposits of Rs. 15 lacs and above)
- For opening of the account - two passport size photographs, documents relating to proof of residence, and introduction from a person known to the Bank (bank's customer/ existing account holder) are required.
- Rate of interest depends on maturity period.
- An additional interest @ 0.50% for Senior Citizens against their deposits of Rs. 10,000/- and above.
- Interest payment is subject to Tax Deducted at source(TDS) as per prevailing Income Tax ACT.
- However, tax is deducted at source (TDS) on deposits that earn interest more than Rs.10,000/- per year.
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