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
Terms & Conditions:
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. 2nd and subsequent installments must be deposited within 28th of every month. If 28th day of the month is holiday, 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 have to pay 5% late fee with overdue installment for each month.
If depositor fails to deposit six consecutive installments then scheme will be closed.
Encashment Rule :
Encashment at maturity: Customer will get maturity amount as per the above table.
a) 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 3 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).
b) 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.
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.
Depositor may avail credit facility against deposited amount or encashment value of the scheme according to credit policy of the bank.
All government tax, levy, duty or surcharge etc. applicable to the scheme will be deducted from encashment value of the scheme.