Diamond Jubilee Deposit Scheme

To commemorate Diamond Jubilee of Indian Independence the Bank has launched a new deposit Scheme with value added features. The details of the new Scheme are as under:

1. Name: Diamond Jubilee Deposit Scheme
     
2. Eligibility: All individuals (singly or jointly) including minors, HUFs, Firms, Institutions, Organisations, Clubs, Corporate Houses etc.
    
3. Type of Account : Special Term Deposit Account
     
4. Features:
   1. Minimum amount required to open the account - Rs. 15,000/- & in multiple of Rs. 1000/- thereafter.
   2. Deposit Period – Fixed period of 550 days
   3. Validity of the Scheme - From 20th August 2007.
      To 31st March 2008 or earlier, if withdrawn.
   4. Interest Rate- 9.25% p.a.
   5. Additional interest of 0.50 % for senior citizens.
   6. Staff benefit of 1% will be allowed as applicable in case of normal term deposit.
   7. Other features relating to opening of account, observance of KYC norms, deduction of tax on maturity, if any, nomination facility etc. would remain same as for normal Fixed Deposit Account.
   8. Interest will be compounded with quarterly rests.
   9. Loans/ overdrafts are permissible as per the Bank’s existing guidelines.
        
5. Pre Mature Withdrawal:

   Premature withdrawal will be permitted with a penalty of 2% on card rate for corresponding period. However, no interest will be paid if the deposit is withdrawn before 3 months.