The scheme aims to facilitate the claimants of victims of road accidents to place the funds received from Motor Tribunals as per court orders under Motor Accident Claims Annuity Deposit (MACAD) Scheme.
The Scheme consists of Fixed Deposit product named as `Motor Accident Claims Annuity Deposit’ (MACAD) and Savings Bank named as ‘MACT Claims SB Account’.
1. Motor Accident Claims Annuity (Term) Deposit Account (MACAD)
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Purpose |
One time lump sum amount, as decided by the Court / Tribunal, deposited to receive the same in Equated Monthly Instalments (EMIs), comprising a part of the principal amount as well as interest. |
|
Eligibility |
Individuals including Minors through guardian in single name. |
|
Mode of Holding |
Singly |
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Deposit Amount |
i. Maximum: No Limit
ii. Minimum – Based on minimum monthly annuity Rs. 1,000/- for the relevant period
|
|
Tenure |
36 to 120 months. Deposit for longer period (more than 120 months) will be booked as per direction of the Court. |
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Rate of interest |
Prevailing rate of interest as per tenure |
|
Loan facility |
No loan or advance permitted under the scheme |
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Nomination |
Available (as per directions of the court) |
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Premature closure |
Premature closure will be made with permission of the court. |
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TDS |
Interest payment is subject to TDS as per Income Tax Rules. |
2. MACT claims Saving Bank Account:
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Minimum/Maximum Balance Requirement |
Not applicable. |
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Rate of interest |
As applicable to regular Saving Bank accounts |
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Cheque book / Debit Card / ATM Card/ Welcome Kit/ Internet Banking / Mobile Banking facility |
Not allowed. |