Recurring Deposit : ♣ Any individual (a single adult or two adults jointly) can open an account. ♣ Minimum Deposit Individual Acc...
Recurring Deposit:
♣ Any individual (a single adult or two adults jointly) can open an account.
♣ Minimum Deposit Individual AccountRs. 10/- and in multiples of Rs. 5/- thereafter No maximum limit. Pay Roll Savings Scheme is also available for employees of various Establishments.
♣ Deposit should be made every month within the same calendar month.
♣ Advance Deposits earn rebate.
♣ Default fee is chargeable for delayed deposit at 0.20 P. per month of delay, for Rs.10 Dn. Maximum defaults allowed in an account is four (4). After four defaults the account is treated as 'discontinued'. Discontinued account can be revived by paying efaulted deposits, within two months from the fifth default. If it is not so revived, the account cannot be continued.
♣ Premature closure is permitted on completion of 3 years from the date of opening. Interest is to be calculated as per the rules and rate applicable to individual savings account..
♣ Part withdrawal facility available.
♣ One withdrawal is permitted from the account on completion of one year from the date of opening, on the conditions that:
I) At least 12 deposits should have been made.
II) Account should not have been discontinued one.
III) Amount not exceeding 50% of the balance.
IV) Withdrawal may be repaid in one lump or in equal monthly installments.
V) Interest is charged at 15%.
♣ After maturity of the account, it can be continued for a further period of 5 years with or without further deposits. During this extended period, the account can be closed at any time.
♣ under the protected savings scheme , on the death of depositor before maturity of the account, the legal heir is entitled to get full maturity value, i.e., not more than the maturity value of Rs.50
denomination. The following conditions should be fulfilled for the
PSS:
I) Age of the depositor at the time of opening should be between 18 and 53.
II) Benefit limited to the maturity value of Rs.50 denomination.
III) Account should not have been discontinued as on the date of death
IV) At least two years should have been completed.
V) At least 24 deposits should have been made.
VI) For the first 24 months no default should be outstanding.
VII) No withdrawal should have been taken during the first 24 months.
♣ Any individual (a single adult or two adults jointly) can open an account.
♣ Minimum Deposit Individual AccountRs. 10/- and in multiples of Rs. 5/- thereafter No maximum limit. Pay Roll Savings Scheme is also available for employees of various Establishments.
♣ Deposit should be made every month within the same calendar month.
♣ Advance Deposits earn rebate.
♣ Default fee is chargeable for delayed deposit at 0.20 P. per month of delay, for Rs.10 Dn. Maximum defaults allowed in an account is four (4). After four defaults the account is treated as 'discontinued'. Discontinued account can be revived by paying efaulted deposits, within two months from the fifth default. If it is not so revived, the account cannot be continued.
♣ Premature closure is permitted on completion of 3 years from the date of opening. Interest is to be calculated as per the rules and rate applicable to individual savings account..
♣ Part withdrawal facility available.
♣ One withdrawal is permitted from the account on completion of one year from the date of opening, on the conditions that:
I) At least 12 deposits should have been made.
II) Account should not have been discontinued one.
III) Amount not exceeding 50% of the balance.
IV) Withdrawal may be repaid in one lump or in equal monthly installments.
V) Interest is charged at 15%.
♣ After maturity of the account, it can be continued for a further period of 5 years with or without further deposits. During this extended period, the account can be closed at any time.
♣ under the protected savings scheme , on the death of depositor before maturity of the account, the legal heir is entitled to get full maturity value, i.e., not more than the maturity value of Rs.50
denomination. The following conditions should be fulfilled for the
PSS:
I) Age of the depositor at the time of opening should be between 18 and 53.
II) Benefit limited to the maturity value of Rs.50 denomination.
III) Account should not have been discontinued as on the date of death
IV) At least two years should have been completed.
V) At least 24 deposits should have been made.
VI) For the first 24 months no default should be outstanding.
VII) No withdrawal should have been taken during the first 24 months.
Interest earned is exempted as per Section 80L of Income Tax Act.
| Time Deposit: ♣ Any individual (a single adult or two adults jointly) can open an account. ♣ Group Accounts, Institutional Accounts and Misc. account not permissible. ♣ Trust, Regimental Fund or Welfare Fund not permissible to invest. ♣ Minimum Deposit amount Rs200/-and in multiples of Rs. 200/- thereafter and thereis no maximum limit . ♣ 1 Year, 2 Year, 3 Year and 5 Year TD can be opened. ♣ 2, 3 & 5 Year TD Accounts can be closed after one year at a discount. ♣ Rate of interest - 6.25%, 6.50%, 7.25%, 7.5% compounded quarterly for 1,2,3 & 5 years TD account respectively.Interest is calculated on compounded quarterly basis and payable annually.Amount payable is rounded off to nearest rupee that is 50 paise and above is taken as next rupee and less than 50 paise will be ignored... ♣ Post maturity interest will be paid for a maximum period of 24 months at the rate applicable to individual savings account. ♣ Investment in this scheme is not exempted as per section 88 of Income Tax. ♣ The amount of interest earned is tax free under Section 80-L of Income Tax Act. Monthly Income Scheme (MIS): ♣ Safe & sure way to get a regular monthly income. ♣ Specially suited for retired employees/ Senior Citizens or any one with high sum for investment . ♣ For Single Account Minimum Deposit Amount Rs. 1000/- and Maximum Limit Rs.4.5 lakhs. ♣ For Joint Account Minimum Deposit Amount Rs. 1000/- and Maximum Limit Rs.9 lakhs. ♣ Maturity Period - Six Years. ♣ Rate of interest 8%. ♣ Post maturity Interest at the rate applicable from time to time (at present 3.5%) .Post maturity interest will be paid for a maximum period of 24 months at the rate applicable to individual savings account. ♣ Auto credit facility to SB Account. ♣ Deposit in Monthly Income Scheme and invest interest in Recurring Deposit to get 10.5% (approx) interest.Above scheme operates automatically, if you open a saving bank account and give a request for automatic transfer of Monthly Income Scheme interest to Recurring Deposit through Saving Bank account. ♣ Only one deposit in an account. ♣ Only individuals can open the account; either single or joint.( two or three ). ♣ Interest rounded off to nearest rupee i.e, 50 paise and above will be rounded off to next rupee. ♣ Interest is paid to the depositor monthly on completion of the month from the date of initial deposit. . ♣ Monthly interest can be automatically credited to savings account provided both the accounts standing at the same post office. ♣ Premature closure is permitted. I) After one year before 3 years................With reduction of 3.5% from deposit amount. II) Can be prematurely encashed after one year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. (Discount means deduction from the deposit.) III) On matured account..............5 % of principal is paid as bonus to the depositor. VI)Only one deposit in an account.
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