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.
Two copies of recent passport size Photographs of account holder duly attested by the Introducer.
One copy of Passport Size Photograph of Nominee duly attested by the Account Holder.
Duly attested photocopy of valid Passport/Employer’s Certificate/ID Card/Driving Licence/Voter ID Card/National ID Card or Certificate about credentials by the local Ward Commissioner/Chairman of Union Parishad
Proof of address such as copy of utility bill viz. Electricity Bill/Land Phone bill/Cell Phone Bill/Gas Bill/WASA Bill, etc. in the name of applicants.
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.
Customer will get maturity amount as per the above table.
Encashment before maturity:
Before 6 months: Principal will be given back. Interest/benefit will not be allowed.
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.
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).
Encashment after maturity:
Less than 1 month: Contract value of the scheme will be given. Interest/benefit will not be allowed for the days after maturity.
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
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
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.
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.