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Motor Accident Claim Tribunal Deposit(MACAD) Scheme

Motor Accident Claim Tribunal Deposit(MACAD) Scheme

SCHEME ·       Two new products have been created on the lines offered by other banks and as suggested by the court viz., Motor Accident Claims Annuity Deposit (MACAD) with facility of EMI (Equated Monthly Instalments) & PED (Principal Equally Distributed along with monthly interest). As decided by the court and option exercised by the customer, the appropriate product can be chosen. Additionally, specific Savings Bank product viz., MACT SB for crediting the monthly annuity from MACAD has also been created.
TARGET CUSTOMERS ·      Individuals including Minors through guardian in a single name.
AMOUNT ·       Minimum – Based on minimum monthly annuity of Rs.1000/- for the relevant period

·       Maximum – No limit

TDS ·       Applicable
TENOR OFFERED ·       Minimum         3 years

·       Maximum   18 years (as per the directions of the tribunal / court)

INTEREST PAY OUT FREQUENCY ·      The annuity amount on a monthly basis net of TDS, will be credited to the MACT Savings Bank account
ROLL OVER FEATURES ·       Rollover not applicable as it is an annuity product.
PRECLOSURE FACILITY ·       Available based on orders from Court
LOAN AGAINST DEPOSIT No Loan or advance shall be allowed against the Annuity Deposit
ANY OTHER INFORMATION RELEVANT TO THE PRODUCT ·       No receipt will be issued to depositors and instead passbook /statement will be issued

·       Annuity payment/ Premature closure payment / Part lump sum payment will be made through the linked MACT claims SB account only.

·       Interest amount calculation is rounded off to the nearest rupee value. Due to this, and application of TDS, there can be variation in the last annuity instalment.

( Last modified on Feb 08, 2023 at 03:02:17 PM )