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Availability of the Scheme
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At all our Domestic CBS
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Eligibility
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Individuals & Joint Accounts (IncludingMinors).
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Nomination Facility
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Available
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Minimum amount of Monthly Instalments
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Rs.1000/- will be Minimum Core Monthly Instalment.
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Maximum amount of Monthly Instalments
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Rs.10,000/- will be the Maximum core Monthly Instalment.
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Flexi Instalment
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Any amount in multiples of Rs.1,000/-.(Only one core & one flexi instalment per month). Maximum flexi instalment can be 10 times the core instalment.
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Period
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Minimum 12 months. Maximum 10 years. (In multiples of 3 months only)
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Interest Rate: Core Instalments (Fixed Rate) Flexible Instalments
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As applicable for the period for which the A/c is opened. Applicable rate at the time of deposit of the Flexible instalment.*
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Penalty
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As per applicable rules for delay / non-receipt of core instalments.
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Maturity Value
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Will be calculated by the System, depending on the amount of flexi instalments; no fixed Maturity Value
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Loan, OD and Advances
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Permitted as per existingrules
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Tax treatment
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No TDS (R/D Accounts are exempted from TDS as per present rules.)
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Other terms and conditions
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As applicable to existing RD Scheme. No advance core instalments. Amount deposited above core instalments will be considered as Flexi instalments for that month. Standing Instructions will be accepted only for the core instalments.
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