Depositor will be issued with a cheque book after opening Deposit & Overdraft a/c. RuPay Card is also issued to these customers.
Investment in these term deposits will be eligible for the purpose of tax benefit under Sec. 80(C), subject to the overall ceiling of Rs.1.5 lakh.
|1.||Eligibility||• All Resident Individuals
|2.||Minimum Deposit Amount||Minimum of ₹10000/- and in multiples of ₹1000/- thereafter with a Maximum investment up to ₹.2 Crore.|
|3.||Tenure of Deposit||400 Days|
|4.||Rate of Interest||General Public-7.00% p.a ( Quarterly Compounding )
Senior Citizen -7.50% p.a ( Quarterly Compounding )
|5.||Premature Closure||Premature closure under this scheme is permitted with penalty as per the extent guidelines.|
|7.||Loan Facility||Available depending upon residual maturity period as per extent norms applicable to other term deposit.|
|8.||TDS||Tax deduction at source (TDS) is applicable as per the Income Tax Rules.|
|9.||Deposit Product Acceptance Period||01-06-2023 to 31-03-2024|