“Hamari Bitiya” Deposit Scheme
| Sr. No | Particulars | FIXED DEPOSIT | RECURRING DEPOSIT |
|---|---|---|---|
| 1 | Eligibility: | Minors (Girls only) under guardianship of natural/ legal guardian. | |
| 2 | Tenure of Deposit | Minimum : 5 Years Maximum: 10 Years Note: The maximum age of the depositor at the time of maturity of such deposit can be upto 23 Years only. | Minimum : 1 Year Maximum : 10 Years Note: The maximum age of the depositor at the time of maturity of such deposit can be upto 18 Years only. The last installment of RD will be one month before attaining age of 18 Years. |
| 3 | Amount of Deposits | Minimum Rs.10000/- thereafter, in multiples of Rs. 1000/-, however, maximum deposit accepted under the scheme shall be upto Rs.10 Lakh. | Minimum month Rs.500/- per month thereafter, in multiples of Rs. 100/-. |
| 4 | Rate of Interest | 7.25% p.a. compounded quarterly (subject to change from time to time to be reviewed annually or earlier.) | |
| 5 | Pre-mature Penalty | No penalty shall be levied if the premature withdrawal is done after expiry of 5 years Tenure. In case of pre-mature withdrawal before 5 years, the interest will be applicable as per card rates for the period the deposit remains with the bank and the penalty will be imposed as hitherto. | In case of pre-mature withdrawal, the interest will be applicable as per card rates for the period and deposit remains with the bank and the penalty will be imposed as hitherto. |
| 6 | Auto renewal | The auto renewal is permitted but the maximum age of the depositor at the time of maturity of renewed FD can be upto 23 Years only. Thereafter, it may be re-invested in General FD Scheme. | Maturity amount can be re-invested in “Hamari Bitiya Fixed Deposit” Scheme subject to fulfillment of terms & conditions. |
| 7 | Advances/Overdraft facility including Margin | 85% of the corpus at 1% higher rate of interest. | |
| 8 | Tax deduction at Source | Applicable, as per extant guidelines of the Bank/RBI. | |
| 9 | Nomination | Available, as per extant guidelines of the Bank. | |
| 10 | Special Benefit | Preference for Education Loan will be given to those depositors whose account is regular during the entire tenure of scheme. | |