Features and Benefits
- Can be opened by Individuals, Minors, Proprietorship concerns, Partnership firms, HUF, Companies, Institutions, Trusts, Associations, Societies, Clubs.
- Facility to remit flexi amounts into the account – up to 10 times the core amount, subject to a maximum of Rs. 2 Lakhs.
- No penalty charges for delayed payments.
- ROI as applicable to term deposits.
- Interest calculated on a daily product basis and compounded on a quarterly basis.
- Pre-closure and loan facilities available.
Terms and Conditions
- The minimum amount that can be invested is Rs. 1,000/- and in multiples of Rs. 1,000/- thereafter. No ceiling on the maximum amount.
- Flexible portion remittance should also be in multiples of Rs. 1,000/- only.
- Period of investment – 12, 24 and 36 months.
- Maturity period will be four months from the date of the remittance of the last installment. Interest will be paid for the extended period also.
- No restrictions on the number of times remittances can be made into the account. But it is subjected to flexi portion being up to 10 times the core amount or Rs. 2 Lakhs, whichever is lesser. But the base amount should be paid in a single installment.
- If 4 consecutive core installments remain unpaid, the account will automatically be closed by applying applicable interest (with penal interest of 1%) and the proceeds will be credited to the respective account designated by the account holder.
- If in one year period, the amount remitted is less than Rs. 12,000/-, then also auto closure will be triggered.
- For premature withdrawal, ROI shall be 1% below the rate applicable for the period the deposit has remained with the bank.
- Loan eligibility at 75% of the total core and flexi portion paid with ROI at 2% more than the interest payable on the deposit.