ANNUITY DEPOSIT SCHEME

To enable the depositor to pay one time lump sum amount and to receive the same in Equated Monthly Instalments (EMIs), comprising a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value.

Payment of interest will start on the anniversary date of the month following the month of deposit.

If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.

Deposit amount
  • Minimum- Based on minimum monthly annuity Rs 1000/- for the relevant period. In no case Minimum Amount of deposit should be below Rs. 25,000/-

  • Maximum: No Limit

Tenure
  • 36/60/84 or 120 months

Rate of interest
  • As applicable to the Term Deposits of tenure as opted by the depositor.

Premature Payment
  • Permitted only in case of death of depositor.

Loan facility
  • Overdraft/loan up to 75% of the balance amount of annuity may be granted on special cases. After disbursal of OD/loan, further annuity payment will be deposited in loan account only.

Most Important Terms & Conditions
  • Depositor pays one time lump sum amount and receives Equated Monthly Installments (EMIs), comprising a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value.

  • Deposit Amount Maximum: No Limit Minimum- Based on minimum monthly annuity Rs 1000/- for the relevant period. In no case Minimum Amount of deposit should be below Rs. 25,000/-.

  • Tenure  36, 60, 84 and 120 months.

  • Premature payment - Permitted only in case of death of depositor.

  • Loan facility - Overdraft/loan upto 75% of the balance amount of annuity may be granted on special cases. It will be the same as applicable to TRD/STDRs. After disbursal of OD/loan, further annuity payment will be deposited in loan account only.

  • Nomination facility available.