IND Non-Callable Deposit
IND Non-Callable Deposit
Bank has launched a new term deposit product “IND NON –CALLABLE DEPOSIT” which is a term deposit product wherein premature withdrawal is not allowed during the tenure of the deposit.
The scheme is applicable for bulk deposits of 3 Crores and above .
The salient features of the scheme are detailed here under:
| DEPOSIT AMOUNT | Minimum – ₹3.00 Crore & above
Maximum – No limit |
| TENOR OFFERED | Minimum; – 7 Days
Maximum – 10 years |
| MODE OF INTEREST PAYMENT | The interest may be paid on monthly/ quarterly basis. The monthly interest will be paid at discounted value.
For deposits held in maturity option, the maturity value of the deposit shall be calculated by system on quarterly compounding basis. |
| NOMINATION FACILITY | Allowed |
| ROLL OVER OPTION | On maturity, the non-callable term deposit account will auto renew to callable bulk term deposits.
|
| PRECLOSURE FACILITY | Not Allowed*
* However, under Exceptional Circumstances such as Death of the Depositor (Single/ Joint)/ Bankruptcy/ winding up /directions by court/ regulators/ receiver/liquidator, wrongly opened account, Premature Closure is allowed after approval from Zonal Office. |
| LOAN AGAINST DEPOSIT | The option of Demand Loan/ Overdraft facility shall be available as per discretion of the bank & the existing guidelines. |
| TDS | Tax at source will be deducted as per the Income Tax regulations prevalent from time to time. |
| Form 121 | Not Applicable |
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