Terms and conditions for maintaining Deposit Pension Scheme
Under this scheme customers will deposit a certain amount in every month for a specific tenor ranging from 2 years to 5 years to get attractive benifit at matuarity as mentioned in the following table:
Term / Installment Amount 25,000 50,000 75,000 100,000 300,000 500,000
02 Years 6,42,000 12,84,000 19,26,000 25,68,000 77,04,000 1,28,40,000
03 Years 10,00,000 20,00,000 30,00,000 40,00,000 1,20,00,000 2,00,00,000
04 Years 14,49,000 28,98,000 43,47,000 57,96,000 1,73,88,000 2,89,80,000
05 Years 19,00,000 38,00,000 57,00,000 76,00,000 2,28,00,000 3,80,00,000
Customers will be allowed to open any number of this scheme by depositing first installment at any working day. However, 2nd and subsequent installments must be deposited within 28th of every month. If 28th is holiday, then installment must be deposited at previous working day.
Installment can be deposited in any branch of the bank by cash or transfer from customer’s account upon instruction. Any number of installments can be deposited in advance.
In case of failure to deposit installment in due time, depositor will pay 5% late fee with overdue installment for each month. If depositor fails to deposit four consecutive installments then account will be closed.
Premature Encashment Rule : If depositor wants to close the scheme before maturity or fails to deposit four consecutive installments then benefit will be given as follows;
a. Before 1 year: Principal will be given back. Benefit will not be allowed.
b. On or after 1 year Principal plus benefit @ prevailing savings rate (lower slab) on principal amount.
All government tax, levy, duty or surcharge etc. applicable to the scheme will be deducted from encashment value of the scheme.
Depositor may avail credit facility against deposited amount or encashment value of the scheme according to credit policy of the bank.
In case of death of the account holder, the nominee may continue it by submitting written application to the Branch/Bank or encash it according to premature encashment rule mentioned above.