| Eligibility | · Individual
· Joint Account (not more than 4) · Minor can open this account under the guidance of their parents/guardian. · Hindu Undivided Family · Partnership · Company · Association · Any other Institution |
| Minimum Deposit Amount | The minimum deposit amount is Rs 1000 |
| Maximum Deposit Amount | No limitation on maximum deposit amount |
| Tenure | The minimum time period of deposit is 15 days (7-14 days in case of single deposit of Rs 5 lac and above) and the maximum time period is 120 months |
| Interest rate | The interest rates vary according to the deposit time which changes from time to time. |
| Interest Payment | The interest is paid on a quarterly, half-yearly or annual intervals. |
| Senior Citizen benefits | The senior citizen under this scheme gets to enjoy an additional benefit of 0.50% interest rate which is above the normal rate of interest |
| TDS | Applicable |
| Nomination Facility | Available |
| Loan Facility | Available, up to 90% of the deposit amount |
| Premature closure/withdrawal Charges | · A penalty of 1% is levied on the premature closure or withdrawal of the deposit amount of less than Rs 1 crore which was placed or was renewed on or after 04.02.2011.
· No penalty is charged on the premature closure or withdrawal of the deposit amount which is Rs 1crore or above that are place or renewed on or after 13.10.2013. |
| Auto-Renewal Facility | Available |
| Documents Required | · Application in the bank’s perscribed form
· Copy of PAN card/Form 60 or 61 (in case of no PAN card) · Identity Proof · Address Proof · Any other related documents which applicable for proprietorship, HUF, partnership firm, company etc. |
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