IND COURT
IND COURT
Bank in order to comply with the directions of Hon’ble Court /Tribunal Orders for opening multiple term deposits of different amounts in a single day, a special term deposit Product “IND COURT “ has been introduced.
These term deposits are to be opened as per the direction of Hon’ble court during the pendency of proceedings before them and as per the court case number /jointly in the name of the claimant.
Under this Product, Branches will be able to open multiple retail term & bulk deposits in a single day without any cap on the intraday with a single CIF to comply with the order of Court/Tribunal other than MACAD Deposits.
Salient Features:
| Target Group | Judiciary Bodies (Courts /Tribunals)
Ø Registrar General of the Court Ø Presiding Officer Except Motor Accident Claims Annuity Deposit accounts. (MACAD) |
| Deposit Amount | Minimum – ₹100/-
Maximum – No limit |
| Tenor | Minimum; – 7 Days
Maximum – 10 years |
| Rate of Interest | For Deposit Below ₹2 Crs – Retail Card Rate
For Deposit of ₹2 Crs and above- Bulk Card Rates |
| Mode of Interest Payment | Monthly / Quarterly / Maturity |
| Nomination Facility | Not Allowed |
| Roll Over Option | Available
Auto Rollover of the maturity amount (principal +interest) will be in the respective maturity bucket. |
| Pre Closure Facility | Available
Premature Closure to be allowed only after proper mandate has been received from the concerned authority. |
| PRECLOSURE PENALTY | As per existing norms. |
| LOAN AGAINST DEPOSIT | Not Allowed |
| TDS | Exempted under the guidelines of Circular No.23/2015 dated 28.12.2015 issued by CBDT, Dept. of Revenue under Ministry of Finance. |
| Form 121 | Not Applicable |
| Other Terms & Conditions |
|
Disclaimer
The content has been translated from the English version using indigenously developed Artificial Intelligence capabilities (Bhashini, developed by MeitY). In the event of any ambiguity or doubt, users are advised to refer to the original English content for clarification.
All information, materials, advice, suggestions, illustrations, notifications, circulars, and other items on this website are collectively referred to as the “Content.”
Indian Bank assumes no responsibility for any errors, omissions, inaccuracies, or typographical mistakes that may appear in the Content. Indian Bank does not provide any warranty or representation regarding the Content and expressly disclaims all liabilities.
Any action taken by users on the basis of such Content shall be entirely at their own risk and responsibility.
Indian Bank reserves the right to modify, correct or update any part of the Content at any time.
No portion of the Content may be displayed or printed without prior written approval of Indian Bank.
As the translated Content has been generated using AI, we encourage suggestions for improvement.
Suggestions may be submitted at:
https://bhashini.gov.in/bhashadaan/en/home