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Features & Benefits
Interest Rate 10% (Simple and Quarterly Payouts)
Minimum Investment Rs. 10,000/-
Term of Deposit 13 Months
Additional interest rate 0.50% for Senior Citizen
Scheme Details
- Open to all individuals, including both senior citizens and bulk deposit investors.
- Effective rate of interest: 10% p.a., calculated on a simple interest basis, with quarterly payouts to ensure regular income.
- Senior Citizens (aged 60+): Additional 0.5%, resulting in an effective interest rate of 10.5% p.a. for this category.
- Bulk Deposits (₹10 Lakh and above): An extra 0.5% interest p.a., encouraging larger investments.
- Note: If eligible for both senior and bulk deposit benefits, only one additional benefit will be applied per account to maintain fairness.
- Premature withdrawal: Allowed with a 2.5% penalty on the applicable interest rate, providing flexibility in case of emergencies.
- Loan Facility:
- Depositors can avail loans up to 90% of their deposit amount, ensuring liquidity without breaking the deposit.
- Loan interest rate: Just 2% above the deposit interest rate, offering competitive borrowing options.
- Tenure Flexibility:
- Closure before 3 months: Simple interest for the elapsed period is applicable.
- Closure after 3 months but before maturity: Reinvestment at regular deposit rates ensures no loss of interest for the depositor.
- Minimum Deposit: ₹10,000 to encourage accessibility for a wide range of investors.
- No Upper Limit: Freedom to invest any amount as per the investor’s financial goals, making it suitable for individuals and organizations alike.
- Encourages financial discipline and savings growth through attractive and secure investment options.