Monthly benefit scheme is designed to provide benefit on monthly basis against a one-time deposit. This scheme has been designed with special privilege to recognize the contributions of teachers towards building our nation. Any teacher upon providing professional identity will be eligible to open or avail this accounts. Tenor of the scheme is 2 years and 3 years. Benefit will be given upon completion of each month until completion of tenor. Principal will be given back to the customer upon maturity or encashment of the scheme.
Monthly Benefit amount will be given as under.
Renewal of the scheme is not applicable.:left;font-weight:300 !important> All government tax, levy, duty or surcharge etc. applicable to the scheme will be deducted from encashment value of the scheme.
Any teacher 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.
Proof of special identity shall be obtained in addition to usual documents to open this scheme.
In case of failure to deposit installment in due time, depositor will have to pay 2.50% late fee with overdue installment for each month.
If depositor fails to deposit six consecutive installments then scheme will be closed.
All government tax, levy, duty or surcharge etc. applicable to the scheme will be deducted from encashment value of the scheme.