· Joint Account (not more than 4)
· Minor can open this account under the guidance of their parents/guardian.
· Hindu Undivided Family
· Any other Institution
|Minimum Deposit Amount||The minimum deposit amount is Rs 1000|
|Maximum Deposit Amount||No limitation on maximum deposit amount|
|Tenure||The minimum time period of deposit is 15 days (7-14 days in case of single deposit of Rs 5 lac and above) and the maximum time period is 120 months|
|Interest rate||The interest rates vary according to the deposit time which changes from time to time.|
|Interest Payment||The interest is paid on a quarterly, half-yearly or annual intervals.|
|Senior Citizen benefits||The senior citizen under this scheme gets to enjoy an additional benefit of 0.50% interest rate which is above the normal rate of interest|
|Loan Facility||Available, up to 90% of the deposit amount|
|Premature closure/withdrawal Charges||· A penalty of 1% is levied on the premature closure or withdrawal of the deposit amount of less than Rs 1 crore which was placed or was renewed on or after 04.02.2011.
· No penalty is charged on the premature closure or withdrawal of the deposit amount which is Rs 1crore or above that are place or renewed on or after 13.10.2013.
|Documents Required||· Application in the bank’s perscribed form
· Copy of PAN card/Form 60 or 61 (in case of no PAN card)
· Identity Proof
· Address Proof
· Any other related documents which applicable for proprietorship, HUF, partnership firm, company etc.
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