|
IT’S A SIMPLE SOLUTION
You are often in a dilemma,
to retain the balance in Savings Bank account for
Contingencies Or transfer it to Term Deposit.
Our solution is SIMPLE.
Just choose our Multi Option
Deposit Scheme
And get it linked to
your SB account.
When
the balance in your Savings Bank Account is not sufficient to meet the
cheque issued by you, the system simply splits the Deposit to the
extent of shortfall and credits the amount with interest ( no penalty
) applicable to date, to your Savings Bank Account to honour your
cheque. The rest of the amount continues as Term Deposit and earns
applicable rate of interest.
| Product |
MULTI OPTION DEPOSIT SCHEME
(MODS) |
| Eligibility
|
Individuals
|
| Style
Of Account |
Singly or Jointly payable to 'E
OR S’, ‘F OR S’, ‘L OR S’ OR Payable Jointly |
| Segment |
Personal Segment |
| Option |
Can open a Fixed Deposit or Special Term Deposit |
| Availability
of the Scheme |
At
all our Branches |
| Period
of Deposit
|
1 Year to 5 Years
|
| Amount
Of Deposit |
Min Rs.10000/- and multiples of Rs.1000/- (for
new deposit) for further Deposit Min amount is Rs.5000/- and
multiples of Rs.1000/-, no Max limit |
| Rate
of Interest
|
As applicable to the term of the Deposit.
-
Special
Term : paid at maturity
- Fixed
Deposit: The interest is paid at Monthly, Quarterly,
Half-Yearly and Yearly intervals as per the requirement.
|
| Advantage |
You
can draw funds from MODS Account into your SB Account by simply
issuing a cheque.
The
amount gets credited with applicable interest
(without penalty), the rest of the amount continues as
Term Deposit |
| Nomination |
Nomination
facility is available for all Accounts |
| Tax
Deduction At Source
|
TDS
is applicable as per IT Rules
|
Click here
for account opening form
|
