Brief features of the product:
- Any individual /dependent (singly or jointly with others),
- A minor of 10 years and above in his own name otherwise under guardianship shall be eligible to open under the scheme provided there are Court Orders in support of the claim in his/their names.
- For 12 months to 120 months. In case honorable court directs fixed deposit tenor of more than 120 months, the same, shall be auto renewed if the period exceeds 120 months.
Terms & Conditions:
- As per Court Directive.
- No loan and advances is permitted without the permission of the court.
- No premature cancellation/part withdrawal is permitted without the permission of the court.
It is mandatory to open a Saving Fund account wherein monthly interest of the Fixed Deposit shall be credited.
- No cheque book is to be issued in Saving Fund Account
Interest: 1% above CARD rate of interest as applicable for normal Fixed Deposit scheme for various tenors.
Interest on deposits is payable either monthly at discounted value or quarterly or compounded quarterly (i.e., reinvestment of interest) or on the date of maturity at the option of the depositor as applicable under particular deposit scheme.
Interest on overdue deposit is paid as per prevalent policy of the bank from time to time.
Interest on bank deposits is exempt from income tax up to a limit specified by Income Tax authorities from time to time.
Presently, if the total interest on deposits, per depositor, per branch, per financial year exceeds Rs 10,000/-, the same is subject to Tax Deduction at Source (TDS) at the rates stipulated by the Income Tax Authorities.
The depositor may furnish declaration in Form No.15 H/15G preferably at the commencement of the Financial Year for receiving interest on deposits without deduction of tax.
The Bank will issue TDS Certificate for the tax deducted.
- The Bank requires a satisfactory introduction of the person/s opening the account by a person acceptable to the Bank.
The Bank is required to obtain two recent photographs of the person/s opening the account, as per RBI directives.
The Bank is required to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively obtain declaration in Form No.60 or 61 as per the Income Tax Act (vide Section 139A) from the person/s opening the account.
Suggested time norms for activity: Guidelines for time norms are issued by I & A D, HO
- Dos & Dont’s: Available under Terms& conditions/Documents in Court Directive.
- Customers obligation: Completion of KYC norms and submission of complete information as required.
Grievance Resolution/Compensation: Grievance Resolution/Compensation policy available on website