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Sl.No
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PARAMETERS
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TERMS
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1
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Name
of the scheme
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RECURRING
DEPOSIT PLUS ACCOUNT (RD +)
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2
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Eligibility
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All
individuals above the age of 18 years.
I.
Singly OR
ii.
Jointly and payable to E or S / F or S / L or S / Jointly.
iii.
More than two persons payable to any one or more of them
or payable jointly.
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3
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Segment
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All
segments except C&I Segment.
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4
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Type
of Account
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Recurring
Deposit (Term Deposit Account)
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5
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Availability
of the Scheme
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At
all branches of our Bank
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6
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Period
of Deposit
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Minimum
24 Months and in multiples of 12 months there after upto a
Maximum of 120 Months.
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7
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Amount
of Deposit.
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Equal
monthly instalments with a minimum of Rs.1000/- and in
multiples of Rs.100/- thereof.
Increase / decrease of instalment at a later date is not
permitted.
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8
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Interest
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As
applicable to regular Recurring Deposit Account
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9
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Penalty
for delayed payment of instalment.
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As
applicable to regular Recurring Deposit Scheme.
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10
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Transfer
of Account
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Permitted
before sanction of loan.
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11
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Premature
closure
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Premature
closure of “RD +”is permitted. But no interest is payable if
prematurely closed before completion of six months.
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Other
salient features of the Scheme are as under:
-
In
case an existing SB Account holder opens “RD +” Account then
one SB Account can be offered to his / her spouse or child at the
request of “RD +” Account holder.
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Chequebook
facility and ATM/Debit Card facility will be provided for carrying
out the transactions in the SB Account.
-
Service
charge for non-maintenance of minimum balance will not be debited
to the SB Account during the first year of the “RD +” Account.
-
Bank
will provide free Accident Insurance cover for an amount twice the
maturity amount of the “RD +”, subject to a maximum amount of
Rs.1.00 Lac for the entire period of the “RD +” account i.e.
Insurance cover to run for the period of maturity of “RD +”.
Bank will bear the cost of premium.
-
In
case the customer who opens “RD +” needs Demat account
facility, Bank will consider the same.
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A
loan facility will be extended after 6 six months from the date of
opening of “RD +” Account, if the monthly instalments in “RD
+” Account are regular.
II.
PERSONAL
LOANS TO “RD +” ACCOUNT HOLDERS:
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Sl.No
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PARAMETERS
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TERMS
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1
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Name
of the scheme
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Personal
Loans to “RD +” Account holders.
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2
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Eligibility
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All
“RD +” account holders after completion of six months from
the date of opening “RD+” Account If the monthly instalments
in “RD +” Account are regular.
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3
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Income
Criteria
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A)
For salaried (Employees): Minimum Net Monthly Salary
should be Rs.5000/-.
B)
Other than salaried: Net Annual Income should be
Rs.60000/-.
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3
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Segment
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All
segments except C&I Segment.
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4
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Type
of Account
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Clean
Demand Loan or Clean Overdraft.
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5
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Scheme
availability
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At
all our branches
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6
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Loan
Amount
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A)
Minimum:
Rs.24000/-
B)
Maximum: To
the extent of the maturity value of “RD+” Account with a
maximum ceiling of Rs.1.00 Lac.
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7
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Security
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A)
For loans to salaried employees any one of the following
conditions to be fulfilled.
i) Salary to be routed through the Bank with Standing Instructions for
appropriation of loan instalment every month.
ii) Availability of check-off facility
iii) Obtention of Post dated cheques.
B)
For others: Post dated cheques with suitable 3rd
party guarantee.
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8
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Repayment
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A)
Maximum 24 Monthly equated instalments in case of DL Account.
In case of Overdraft facility the borrower should service
the monthly interest as and when applied and the Overdraft
Account should be closed within a maximum period of 2 years.
If the borrower is an employee, branches may explore the
possibility of routing the monthly salary through the Overdraft
account.
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9
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Interest
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1.50% above the BPLR i.e. 14.50% p.a. at present.
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10
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Processing
Charges
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NIL
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11
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Prepayment
Charges
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NIL
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