ANNUITY DEPOSIT SCHEME

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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.

Features

  • To enable the customer to deposit one-time lump sum amount and receive re-payment of the same in monthly annuity instalment comprising part of the principal amount plus interest.
  • Period of deposit: 36/60/84 or 120 months
  • Available at all branches
  • Deposit amount based on minimum monthly annuity of Rs 1000/- for the relevant period
  • Premature payment allowed for the deposits up to Rs.15,00,000/-. Penalty chargeable, as applicable to Term Deposits. In case of death of depositor, premature payment is allowed without any limit.
  • Maximum deposit amount: No Upper Limit
  • Rate of interest as applicable to Term Deposits for Public and Senior Citizens
  • Payment of annuity 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.
  • Nomination is available in favour of individual only
  • 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.
  • Universal Passbook is issued in lieu of Term Deposit
  • Transferability allowed among branches

Eligibility

  • Resident individuals, including minors
  • Mode of Holding Singly or jointly

Terms and Conditions

  • Premature closure is Permitted in case of death of depositor. Premature payment is also allowed for deposits up to Rs. 15.00 lacs.
  • Pre- mature penalty is chargeable as applicable to Term Deposit.

Last Updated On : Wednesday, 17-08-2022

Interest Rates

7.00%

2 years to less than 3 year

6.50%

5 years and up to 10 years

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