For all Individuals, singly or jointly, firms, corporate bodies, Public Sector Undertakings Associates, Trusts, etc.
Amount of Deposit :
Minimum Rs.5000/- (called lot comprising of 5 units of Rs.1000/-) and in multiples of Rs.1000/-. No maximum limit.
Period of Deposit :
Each lot of the deposit under this scheme may be accepted for minimum period of 15 days and maximum period of 5 years
Interest payable half yearly. No compounding. Rate of interest will be decided by Bank from time to time.
For depositors - Pass Book will be issued.
For Bank - A/c opening form, duly Introduced.
Special Features :
It is a unique scheme which combines the best features of short term deposits and the current account. Automatic renewals on maturity. Withdrawals freely allowed in multiples of Rs.1000/-. For withdrawals, special slips are provided.
Unwithdrawn portion continues to earn interest at contracted rate. Last in First Out (LIFO) method applied for withdrawals. Interest amount is separately paid or credited to the depositor’s SB account.
Facilities Available :
- Loan Upto 90% of the accrued amount.
- Nomination facility is available.
- Premature closure allowed.
- Transfer from one branch to another branch allowed.