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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.

  • If the original term of the deposit is 1 year or more, matured deposits will auto renew under the callable product of exact one year.
  • If the original term of the deposit is less than 1 year, deposits will auto renew under the callable product of same tenor.
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.
15G /15H Not Applicable

( Last modified on Jul 31, 2024 at 03:07:43 PM )

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