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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
6 Months
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 will be deducted as per guidelines
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