Cumulative Deposits Scheme
§ The scheme encourages small investors to save in easy monthly installments over a fixed period of time.
§ Monthly installments can be for any amount from Rs.50.00 onward in the multiple of tens.
§ Account can be opened for any period ranging from 6 months to 120 months in interval of 3 months.
§ Installment Is to be paid monthly.
§ Interest at permissible rate is compounded quarterly.
§ Maturity amount is paid one month after depositing the last installment.
§ Premature withdrawal is allowed. Interest payable for premature period will be 1% less of the applicable rate for which the deposit has actually remained with the bank or at contracted rate, whichever is less.
§ Secured overdraft/TOD facility is also available on these accounts.
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