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PARAMETERS |
FEATURES* |
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ELIGIBILITY |
Individual having minimum age of 55 years and maximum upto 60 years of age
In c ase of Joint Deposit, the prospective Senior Citizen has to be the first holder of the recurring deposit |
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DEPOSIT AMOUNT |
Minimum - Monthly installment of Rs. 100/- or more in multiples thereof.
Maximum - No Limit |
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RATE OF INTEREST |
The rate of interest shall be CARD rate payable in accordance with the circulars issued by HO: IRMD (ALM Cell) from time to time plus additional rate of 0.50% (presently) as applicable to Senior Citizens from the date of attaining the status of Senior Citizen i.e. attaining the age of 60 years. |
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PERIOD OF DEPOSIT |
From 6 months to 120 months, in multiple of 1 month. |
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PENALTY |
If the installment for any calendar month has not been deposited, penalty charges shall be levied for delay @Rs.1.00 for Rs. 100/- p.m. irrespective of periodicity of deposit. |
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PAYMENT ON MATURITY |
The deposit shall mature for payment 30 days/one month after payment of last installment or on expiry of the period for which the deposit was accepted whichever is later |
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PREMATURE CLOSURE |
In case of premature cancellation of deposits, 0.50% penalty will be levied and the interest rate payable would be contractual rate minus 0.50% or the rate under the scheme on the contractual date applicable for the tenor for which the deposit has run minus 0.50%, whichever is lower.
In case of premature closure within a month, no interest shall be paid to the customer.
No penalty will be levied if the deposit is prematurely closed:
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For the purpose of investment to any other term deposit scheme of the bank provided that the deposit remains with the bank after reinvestment for a period longer than the remaining period of the original contract.
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After the customer attains the status of Senior Citizen.
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LOANS /ADVANCE |
As per extant guidelines. |
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INTEREST CERTIFICATE |
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TAX DEDUCTION AT SOURCE |
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NOMINATION |
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AT PAR PAYMENT |