MOTOR ACCIDENT CLAIMS ANNUITY DEPOSIT (MACAD)
To credit the compensation amount awarded by a Tribunal/Court to victims/claimants of motor accident and re-payment of the same in monthly annuity instalment comprising part of the principal amount plus interest.
Individuals including minors (through Guardian) in single name
Maximum: No Limit
I. 36 to 216 months as per directions of Tribunal/Court.
Rate of Interest
Prevailing rate of interest as per Tenure
No Advice will be issued to depositors. Only Passbook will be issued for MACAD. In case of normal Term Deposit (for a period less than 36 months), a Term Deposit advice will be issued.
Premature closure or part lumpsum payment of MACAD will be made with the permission of Tribunal/Court.
Tax Deduction at Source
Interest payment is subject to TDS as per Income Tax Rules. Form 15G/15H can be submitted by the Depositor to get exemption from Tax deduction.
No loan or advance shall be allowed against the Annuity deposit.
MACAD shall be duly nominated as directed by Tribunal/Court.
Most Important Terms and Conditions
Opening of MACT Claims SB account is mandatory for this product.