Money Maker Scheme
Under this scheme customers will deposit a certain amount in every month for a specific tenor of 3 years, 5 years, 7 years or 10 years and get attractive benefit at maturityas mentioned in the above table.
Year / Installment 200 500 1,000 2,000 2,500 5,000 10,000 20,000 25,000
03 Yrs 8,000 20,000 40,000 80,000 100,000 200,000 400,000 800,000 1,000,000
05 Yrs 15,460 38,650 77,300 154,600 193,250 386,500 773,000 1,546,000 1,932,500
07 Yrs 24,020 60,050 120,100 240,200 300,250 600,500 1,201,000 2,402,000 3,002,500
10 Yrs 40,400 101,000 202,000 404,000 505,000 1,010,000 2,020,000 4,040,000 5,050,000
Premature Encashment Rule :
lf 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 l year but before 3 years tenor: Principal plus benefit @ prevailing savings rate (lower slab) on principal amount. c. Between two tenors: Full benefit for the completed tenor as per above table. For remaining installments benefit will be given @ prevailing savings rate.
Terms & Conditions:
Under this scheme customers will deposit a certain amount in every month for a specific tenor of 3 years, 5 years, 7 years or 10 years and get attractive benefit at maturity as mentioned in the above table.
Customers will be allowed to open any number of this scheme in his/her own name or jointly 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.
Customers of ten years scheme will get a bonus equivalent to one month installment for depositing 120 installments in time.
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 but before 3 years tenor: Principal plus benefit @ prevailing savings rate on principal amount.
c. Between two tenors: Full benefit for the completed tenor as per above table. For remaining installments benefit will be given @ prevailing savings rate.
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.