Eligibility

All Individuals and Non-individuals

Amount of Deposit

Minimum Rs.50 and in multiples of Rs.50 (rural & semi-urban branch) Rs.100 and in multiples of Rs.100 (urban & metro branch)

Maximum No upper limit



Tenure of Deposit

Minimum : 06 Months

Maximum : 120 Months

Installment Frequency

Monthly

Rate of interest

As per the maturity period of the deposit

Payment of Interest

Interest will be compounded quarterly and paid on maturity

Premature Closure

Interest should be paid after deducting penalty of 1% from such applicable rate or the contracted rate whichever is lower in the cases which are subject to charging penalty

Availability of Loan/ Overdraft

Loan / overdraft facility is permitted up to 95% of outstanding balance at interest rate as per Bank’s guidelines issued from time to time.

Maturity of Deposit

One month after payment of last installment OR Due date, whichever is later

Penalty on delayed Payment of Installments

Irrespective of tenure uniform rate of ` Re.1/- per ` 100/- per month