IND Aunnity
| Beneficiaries | Resident individuals Singly or jointly, including minors. |
| Purpose | To boost Retail Term Deposit. |
| Rate of Interest | As per Retail term deposit card rate /Bulk Deposit rate. Bulk Deposit account can be opened at only bulk authorized branches as per extant guideline. |
| Min. deposit required to open the account | Minimum: 1 lakh
Maximum: No limit. |
| Tenure | Minimum: 3 Years.
Maximum: 10 Years. In multiples of 6 months. |
| TDS | TDS applicable as per Income Tax Rules. |
| Premature withdrawal | Premature closure is Permitted in case of death of depositor Or after completion of 6 months with penalty. |
| Monthly/ Quarterly Annuity payment | Payment of Annuity on the anniversary date of the month/quarter following the month/quarter of deposit, If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month. |
| Penalty for premature withdrawal | Premature withdrawal in case of death or after completion of 6 months , penalty is chargeable as applicable to Term Deposit. |
| Nomination facility | As per Bank policy |
| Other Conditions | Closure is allowed only at the home branch.
Withdrawal proceeds will be credited only to the account from where original principal amount has been withdrawn for creating the Term Deposit Receipt. All other terms and conditions of existing term deposit products is applicable for this product. Lump sum deposit accepted and Equated Annuity is paid at chosen intervals. Annuity amount include principal + interest portion. |
