In Annuity Deposit Scheme a depositor is to pay one time the round-off amount and than he/she receive the same in Equated Monthly Installments(EMIs) while compromising a part of the principal amount as well as the interest on the reducing principal amount, compound interest rates are applicable at quarterly rests and discounted to the monthly value.
Features
| Deposit Amount | Minimum deposit based on annuity should be Rs 1000 and the minimum amount deposit is Rs 25,000
No Limit for maximum amount. |
| Tenure | The tenure period is 3/5/7 and 10 years. |
| Rate of Interest | As applicable to the Term Deposit |
| Premature Payment | Premature payment is only allowed in case of this scheme on the death of depositor. |
| Loan Facility | Loan/Overdraft up to 75% of the balance amount of annuity may be granted on special cases. |
Terms and Condition
- Depositor is to pay one time the round-off amount and than he/she receive the same in Equated Monthly Installments(EMIs) while compromising a part of the principal amount as well as the interest on the reducing principal amount, compound interest rates are applicable at quarterly rests and discounted to the monthly value.
- Nomination Facility Available.
- Loan/Overdraft up to 75% of the balance amount of annuity may be granted on special cases.
- Flexible tenure period of 3/5/7 and 10 years.
