Special Rate for Special Days (SRSD-1051)
Bank has always been proactive to bring out some new and unique deposit product for customers’ delight. Some Deposit Product such as “Special Rate for Special Days” is always sought after/ enquired by the customers at large. This Product “Special Rate for Special Days (SRSD-1051)” fulfils the sought aspirations of the customer by way of providing additional rate of interest of 25 basis points on their deposits over and above the applicable card rate
The salient features of the scheme are placed as under-
- Who can open this account:
- Individuals: Resident Individuals including minors, Body of individuals.
- Non-Individuals: Non-individuals like Hindu Undivided Family (HUF), Sole Proprietorship firms; Partnership firms, Companies, Association of persons etc.
- Tenure of Deposit: For a Period 1051 Days only.
- Scheme Validity: Upto 23th June, 2023.
- Rate of interest: As applicable for Term Deposit Scheme for the specified period (as notified from time to time) plus 25 basis points.
- Mode of Operation of Accounts: Single Operation/ Joint Operation/Operation through Power of Attorney or as the case be etc..
- Whether Staff benefit in terms of additional rate of interest Available under this scheme: Yes, as per the extant guidelines of the Bank.
- Nomination facility: Available.In case the account is held in the name of a minor, Nomination shall be made by a person lawfully entitled to act on behalf of the minor.
- Transfer of Account: The TD Account can be transferred from one branch to another branch at the request of the customer. This can be done by submitting a written request to the branch where the customer has the account.
- Premature Withdrawal/Closure:-Allowed subject to penal charges as applicable.
- Minimum Deposit in the Account : Rs 25000/- and in multiple of Rs 5000/-
- Maximum Deposit in the Account: Maximum Deposit in the Account: Rs 1,50,00,000/- (if at any point of time the maturity amount reaches to Rs 2.00 crore or above, the same shall be treated as bulk deposit and hereunder, the additional benefit of rate of interest shall be ceased to operate.)
- Nature of Balance in the Account: Minor accounts are not allowed to be overdrawn hence the account always remains in credit balance.
- Taxation in the Account:
- Interest accrued on this deposits is liable for Tax in accordance with the guidelines issued by Income Tax Department, GoI, from time to time.
- Documents required: As per the extant KYC guidelines. UID is not compulsory for DoB proof.
- All other terms and conditions: As applicable to other Term Deposit Product but not mentioned in this product shall apply here also.