Overview
Apart from the normal facilities of Savings account enjoy add-ons on your account – a complete hassle free account.
This account is best suitable for all who value the money, and wish to deploy it profitably instead of keeping their money idle, after setting aside required amount for their immediate needs. Any amount over and above the minimum balance with the threshold of `10,000 will be automatically converted into term deposits, while their Savings Bank Account daily balances fetches 4% interest and the amount so transferred to their Term Deposit Account earns higher interest.
Auto opening and closing of term deposits digitally by the system is another prominent feature of this scheme. No need to remember, no need to visit the Branch to convert excess balance in Savings Bank account manually to term deposits or remember the maturity dates of term deposits.
Whenever a requirement arises and there is a shortage of surplus funds over and above the minimum balance, units of terms deposit are broken in such a manner so as to cause least loss to the depositor, on the principle of last in first out basis and the same is credited to the SB Account.
Features
| Features | ||
|---|---|---|
| Eligibility | : | Individuals including minors aged 10 years & above, NRIs, HUF (Singly or Jointly) |
| Stipulated Minimum Balance | : | Average Quarterly Balance of `5,000/- |
| Cheque Facility | : | Free 50 Multi city cheque leaves in a year |
| Other Features/ Benefits | : |
|
| Auto Sweep & Reverse Sweep | : | Earn high interest rate on any amount in account above the Minimum Threshold of `10,000/-
Auto Sweep Frequency: Monthly (between 16th to 20th of calendar month), Tenor: Min. 1 year & Max. 3 years (Default Tenor- 1year & Default date- 16th) |
25% concession on processing fee for Housing Loan and Car Loan.
