Brief features of the product:
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Parameters
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Features
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Eligibility
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• Individual (singly or jointly) with others
• Minor who have attained the age of 10 years and above in his own name on giving proof of age
• Proprietorship/Partnership Firm, Commercial Organization, Company /Corporate Body
• Hindu Undivided Family
• Association, Club, Society, Trust or Religious/Charitable or Educational Institutions
• Municipality or Panchayat, Government or Quasi Government Body
• Illiterate and blind persons can also open the account
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Deposit Amount
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Minimum Deposit amount of Rs.10,000/- and thereafter in multiple of Rs.1/- with maximum amount upto Rs.10 lac per Customer.
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Period of Deposit
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From 46 days to 120 months even for incomplete quarter
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Interest
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1. Card rate as per guidelines issued by Bank from time to time.
2. The rate of interest on deposit shall be as per amount bucket of deposit which are:
a. Deposits less than Rs.2 crore
3. The depositor has the option to draw interest monthly/quarterly or on maturity.
In case customer opt under cumulative scheme on maturity bank will pay maturity amount with compounded interest. For cumulative Sugam Scheme Interest shall be paid on compounded basis with quarterly rests if the period of deposit remained with the Bank is 6 months and above.
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Demand Loan/Overdraft Facility
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The option of Demand Loan/Overdraft facility shall be available as per guidelines of the Bank.
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Premature Withdrawal of Deposit
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The depositor has the facility to withdraw any amount before maturity in multiples of Rs.1/- subject to minimum withdrawal of Rs.1000/- at a time, whenever he needs it without breaking the entire deposit and without losing interest on the remaining deposit under the scheme.
The value of Term Deposit Receipt (Principal amount) shall be reduced accordingly. No penalty is to be levied in respect of the part withdrawal of deposit. If any depositor desires to withdraw the entire deposit before maturity, no penalty will be levied and the interest rate payable would be contractual rate or the rate under the scheme on the contractual date applicable for the tenor for which the deposit has run, whichever is lower. User has to modify collect penal interest flag as “N” while closing the account
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Conversion
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Allowed upto revised limit of Rs.10 lac.
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For detail terms and conditions, please contact nearest branch.