Maha ASBA Plus – for Corporates/ Institutions

Eligible Customers :
Corporate Houses/ Institutional Investors such as LIC/GIC/Mutual Fund Companies.

Minimum amount of deposit :
Rs. 50 Lakhs and above.

At the Time of ASBA Application :

  1. 1. The Sheetal deposit/Short Term Deposit shall be opened with the Branch where the facility is availed with, either equivalent or more than the application amount in the IPO in case there is no current account.
  2. The Current Account is opened with the Branch wherein the Funds are deposited by the Corporate/Institutions which in turn shall be converted into STDR/Sheetal for Maturity period of Choice with minimum unit of Rs.1 instead of Rs.1000/- .
  3. The Amount to the extent of application amount is blocked in the Sheetal/STDR.
  4. Te branches to obtain the standing instruction from the customer to break the required unit of Sheetal Deposit to the extent of allotment amount in case of allotment of Shares in the Sheetal Deposit/STDR Form.
  5. Sheetal Deposit/STDR to be opened in the Units of Rs.1 instead of Rs.1000/-(at present).
  6. The blocking and unblocking of funds in Deposit Account is done through Trickle Feed in ASBA Module.

At the Time of allotment of Share:
For the customers having Current Account with the branch.

  1. The system to check the balance in the Current/SB Account, In case of availability of the sufficient balance in the account the system to debit the Current/SB account and the lien on Sheetal/STDR gets auto released.
  2. In case of Non availability/Insufficient Funds in the account, the system to break the number of units from the Sheetal Deposit/STDR equivalent to the Share Allotment amount/Difference in the available balance in the account and the Share allotment account.
  3. The remaining units in the Sheetal Deposit if any may continue till maturity.

For the Customers not having the Current account with the branch.

  1. The system to break the Sheetal deposit /Short Term Deposit (STDR) units, which is equivalent to Number of shares allotted X application money. The units to be broken to the extent of the allotment amount. For the convenience in breaking the exact amount the Sheetal deposit is opened with minimum units of Rs.1.
  2. The branches to route the amount from Sheetal deposit to the existing common Current Account opened for administrative purpose in the branch.
  3. The remaining units in the Sheetal Deposit if any may continue till maturity.

Penalty on Premature withdrawal:
There is no penalty on the premature withdrawal of the FD.

Period of FD:
The period of FD will be 15 Days and above.

Rate of Interest on FD:

The Rate of Interest on Deposits will be offered as special rate from time to time to be decided by the Treasury Department.

In case the allotment takes place prior to 15 days, the broken unit will earn the interest equivalent to the no days the units were run without prepayment penalty on premature closure. The remaining units will continue to complete the term and earn the same rate of Interest.

On Maturity the Sheetal Deposit/ STDR will be closed and the maturity proceeds will be paid by DD or RTGS to the Beneficiary account. In case of existing Current Account amount will be credited to Current Account.

The prospective customer may open Current Account for Receiving the Credit.

Opening of the Current Account Linked to the Sheetal Deposit /Short Term Deposit:
The opening of current account though not mandatory for “Maha ASBA Plus” subject to compliance of KYC.

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