Features and Benefits
- Can be opened by Individuals, HUF, Trust, Partnership firms, Companies, Associations etc.,
- The principal along with interest is payable on maturity.
- Compound Interest is calculated on Cumulative balance.
- Interest is re-invested along with the principal.
- Nomination facility is available.
- Loan available on deposit.
- Premature closure is allowed, subject to the applicable norms.
Terms and Conditions
- The minimum amount that can be invested is Rs. 100/- and there is no restriction on the maximum amount.
- The reinvestment of interest is subject to TDS.
- Deposit will not be accepted / opened for a period in a combination of months and days.
- Deposits will be accepted / opened for a minimum period of 6 months and in multiples of 3 months period subject to a maximum of 10 years for a major and 20 years for a minor.