Terms and conditions for Corporate Money Maker Scheme:
01.
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
02.
Any individual customer, singly or jointly, or non-personal customers will be allowed to open any number of this scheme by depositing the first installment at any working day of the month. Second and subsequent installments must be deposited within 28th of every month. If 28th is holiday, then installment must be deposited at previous working day.
03.
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.
04.
In case of failure to deposit installment in due time, depositor will have to pay 5% late fee along with overdue installment for each month.
05.
If depositor fails to deposit six consecutive installments, the scheme will be closed.
06. Encashment Rule:
a. Encashment at maturity: Customer will get maturity amount as per the above table.
b. Encashment before maturity:
i. Before 6 months: Principal will be given back. Interest/benefit will not be allowed.
ii. On or after 6 months but before 2 years: Principal plus benefit for completed month(s) only at the lowest prevailing rate of savings account.
iii. Between two tenors: Contract value for the completed tenor as per schedule. For remaining period, benefit will be given for completed month(s) only at the lowest prevailing rate of savings account, for both completed tenor value and subsequent deposited installment(s).
c. Encashment after maturity:
i. Less than 1 month: Contract value of the scheme will be given. Interest/benefit will not be allowed for the days after maturity.
ii. 1 month to 6 months (inclusive): Contract value of the scheme plus interest/benefit will be given at the lowest prevailing interest rate of savings account for the completed months after the maturity.
iii. More than 6 months: Contract value of the scheme plus interest/benefit will be given at the lowest prevailing interest rate of 6 months FDR for the completed months after the maturity.
d. Encashment at the death of the scheme holder:
i. For the period up to the date of death of scheme holder: Ledger balance (calculated based on scheme rate) will be given to the nominee(s) or legal successor(s) after deduction of government dues.
ii. For the remaining period: Benefit will be given for the completed month(s) on ledger balance at the date of the death of scheme holder at the lowest prevailing interest rate of savings account to the nominee(s) or legal successor(s) after deduction of government dues.
07.
Depositor may avail credit facility against deposited amount or encashment value of the scheme according to credit policy of the bank.
08.
All government tax, levy, duty or surcharge etc. applicable to the scheme will be deducted from the encashment value of the scheme.