A saving plan with feature of half yearly installment which helps you regulate your savings and reap its benefits from time to time. Also avail up to 95% of the deposit amount by way of loan/overdraft.
- Regularises savings by encouraging a saving habit.
- Loan/Overdraft facility up to 95% of the deposit amount.
- Provision for nomination.
- Minimum amount required to open an account - Rs. 1000/-
- Subsequent deposits in multiples of - Rs. 100/-
- Deposit Tenure:
- Minimum - 36 months.
- Maximum - 120 months.
- Interest will be compounded half yearly and paid on maturity.(Click here for current interest rates).
- On pre-matured withdrawal of your deposit amount, interest will be calculated at 1% below the rate applicable for the period of deposits.
- Documents required:
- Passport size photograph
- Proof of residence
- An introduction as per Bank's norms
All Individuals and Non-individuals
Amount of Deposit
- Rs.1,000/- per half year, further in multiple of Rs.100
Tenure of Deposit
Minimum : 36 Months
Maximum : 120 Months
Rate of interest
As per the maturity period of the deposit
Payment of Interest
Interest will be compounded quarterly and paid on maturity
Interest should be paid after deducting penalty of 1% from such applicable rate or the contracted rate whichever is lower in the cases which are subject to charging penalty
Availability of Loan/ Overdraft
Loan / overdraft facility is permitted up to 95% of outstanding balance at interest rate as per Bank’s guidelines issued from time to time.
Maturity of Deposit
One half-year after payment of last installment OR Due date, whichever is later
Penalty on delayed Payment of Installments
Irrespective of tenure uniform rate of ` Re.1/- per ` 100/- per month
- Rate of Interest to Senior Citizen: An Additional interest @ 0.50 % is payable for deposits below Rs.1 crore only.
- Payment of Installments: The instalment for any calendar month must be paid on or before the last working day of that month. In case of delay in payment of any instalment, penalty shall be charged which is at present, `.1.00 + GSTfor every `.100/- p.m., fraction of a number being treated as a full month for the purpose of calculating such penalty.
Instalments paid during the course of the calendar month in which it is due, shall be deemed as payment made in time.
Alternatively the depositor may continue the account till maturity without regularising it (i.e. without paying the amount of instalments in arrears plus penal interest). In such cases deposits be treated on par with Yatha Shakti Jama Yojana for the purpose of calculation of interest.
- Nomination Facility: Nomination facility will be available
- Tax Deduction at Source: TDS will be deducted as per income Tax rules. No TDS will be deducted if a person submits form 15G/ 15H as applicable.
- Method of Calculation of Interest on or before Maturity: “In all cases of domestic term deposits (Period of deposit less than a year) where the terminal quarter is incomplete, interest should be calculated for complete quarter and for the actual number of days, reckoning the year 365/366 days, i.e. the calculation of interest on such deposits should be in order of completed quarters and days.”
- TDS Certificate: TDS certificate will be provided to all customers.
- Advance against Deposits: This facility is not available to Minor account in single name and HUF. For advances taken against deposits, if the depositor does not settle the account within 90 days, Bank has the right to settle the overdraft account against his term deposit.
- Interest Certificate available at request of customer
- Customer will be provided passbook for the account.
- Recurring Deposits can be transferred from one branch to other branch at the request of the customer.
- Mode of Payment: Maturity proceeds are credited SB/ CA account of the customer. In cases where there are no operative accounts of the customer, maturity proceeds can be given in cash below Rs.20,000 above which DD/ Pay Order will be issued.
- Minor Accounts can be opened for individuals above 10 years subject to maximum cap of Rs.1,00,000/-
- A regular RD can be converted to Baroda Yatha Shakti Jama Yojana Scheme.
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