Eligibility

By an individual in his/her own name. By more than one individuals in their joint names with suitable repayment instructions. On behalf of a minor by his/her natural guardian or by a guardian appointed by court.

NRIs / PIOs/OCIs (other than person resident in Nepal and Bhutan) (Individuals from Pakistan require prior approval of RBI).

Minimum period

1 YEAR

Maximum Period

120 Months(in steps of 1 month)

Minimum Monthly Installment

Rs. 50/-

Maximum Monthly installment

No Limit

Rate of Interest

As per term deposit applicable for the period.

Interest Payment Frequency

Interest will be calculated, compounded on quarterly rests and credited to the deposit account on half yearly interval. Interest accrued on the deposit will be paid along with principal at the time of maturity or one month after the deposit of last installment whichever is later.

Penalty for delayed installment

No penalty to be charged for delayed/non-deposit of monthly installment amount.

TDS

 (TDS is not applicable)

Loan Facility

 Available

Nomination Facility

As per Guidelines

Automatic Renewal

Not Allowed

Premature Closure

Allowed. Interest will be paid for the run period at applicable rate and penalty if any. In case of premature closure within one month of the opening of the account, no interest will be paid.

Penalty of Premature Closure

As per guidelines