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SEGMENT DEPOSIT SCHEMES
SAVINGS BANK ACCOUNT
An ideal deposit account for individuals for small savings along with earning of interest.2
A/c can be opened by depositing Rs 100/* (Rs.1000/- for cheque book facility). 3
Single or Joint Account can be opened.4
Interest is paid half yearly in October & February every year on the minimum balance in the account between 10th and last day of the month.
Presently Interest rate – 3.50% p.a. 5
Nomination facility is available.
Internet Banking facility available at free of cost6
The facility of standing instructions for payment of insurance premium etc. is available.7
Accounts can be opened with or without cheque book facility. 8
Pass book/computer statements are issued.
Free ATM-cum-Debit Card is available which is acceptable at about 8000 ATMs of State Bank Group without any charge.( First year no charges, from second year onward Rs.50/- per annum.)
Minimum Balance-
Non rural centre Rural centre
Cheque Book A/c Rs. 1000/- Rs. 500/-
Non- Cheque Book A/c Rs. 500/- Rs. 250/-
Service charges for non maintenance of minimum balance –
Non Rural- Rs.200/- per quarter
Rural- Rs. 100/- per quarter
Cheque Book Charges- 20 leaves cheque book free in a 1st year, there after Rs.2/- per leave
Charges for excess debit entries in SB A/c – Rs. 5/- per entry for more than 30 entries per half year (other than alternate channel)
An account for business/ institutional operations and can be opened by Individuals, Firms, Societies, Companies, and Govt. departments etc.
No limit on number of transactions.
Minimum balance of Rs 2500/ at rural centres and Rs 5000/ at urban centres is required to maintained.
Service charges for non maintenance of minimum balance –
Personal- Rs. 500/- per quarter
Non personal- Rs. 1000/- per quarter
Account keeping charges-
Personal- Nil
Non Personal- Rs. 500/- per half year
Internet Banking facility available at free of cost
No interest.
Multicity Cheque book facility available
Cheque book charges- Rs. 2/- per leave for non multicity cheque books.
Multicity cheque book refer to branch.
TERM DEPOSIT SCHEME (TDR)Amount is deposited for a pre-decided period ranging between 7 days to 10 years.( For 7 days to 14 days – minimum deposit Rs.1 lacs.)
Minimum deposit is Rs.1000/-
Account can be opened by Individuals, Firms, Societies, Companies, and Govt. departments etc
Earns attractive rate of interest.
Interest is payable at quarterly intervals but can be paid monthly at discounted value.
Interest Rates- Refer to interest display Board at our Branches and also available on our web site http://www.indorebank.org
The facility of loan on deposit, premature payment, nomination facility and transfer of A/c to other branches is available.
Loan can be availed maximum upto 95% of principal and interest accrued thereon.
Interest to be charged on premature withdrawal of term deposits at 0.50% below the rate applicable for the period deposit has remained with the Bank.
REINVESTMENT DEPOSIT (SPECIAL TERM DEPOSIT)
A term deposit scheme with benefit of reinvestment of interest.
Earns interest with quarterly compounding resulting into handsome maturity amount.
Maximum return.
Interest Rates- Refer to interest display Board at our Branches and also available on our web site http://www.indorebank.org
The facility of loan on deposit, premature payment, nomination facility and transfer of A/c to other branches is available.
Loan can be availed maximum upto 90% of principal and interest accrued thereon.
Interest to be charged on premature withdrawal of term deposits at 0.50% below the rate applicable for the period deposit has remained with the Bank.
RECURRING DEPOSITRegular small savings grows big regularly and steadily to meet large expenses like education, marriages etc.
Individual (single or joint) minors, firms, clubs, associations etc. can open the account.
A/c can be opened by depositing minimum Rs 100/- or more in multiple of Rs 5/- per month.
The instalment can be deposited on any working day of current month.
The facility of loan on deposit, premature payment, nomination facility and transfer of A/c to other branches is available.
Loan can be availed maximum upto 90% of principal and interest accrued thereon
Maturity period ranging between 12 to 120 months
Interest to be charged on premature withdrawal of term deposits at 0.50% below the rate applicable for the period deposit has remained with the Bank.
MONEY BOX DEPOSITAn attractive flexi-recurring deposit scheme where deposit can be made upto 10 times of minimum core amount or Rs 25,000/- which ever is less, during a month.
Amount of Installments- Min. Rs. 100/- Max. Rs. 25000/- P.M.
No need of additional term deposit account for additional savings.
No penalty for irregular instalments.
Maturity period ranging between 6 to 120 months.
The facility of loan on deposit, premature payment, nomination facility and transfer of A/c to other branches is available.
Loan can be availed maximum upto 90% of principal and interest accrued thereon.
(AUTOMATIC INVESTMENTS IN TDRS/STDRS ON AN ON-GOING BASIS)
Eligibility: Individuals including minors aged 10 years and above and NRIs in single or joint names.
Purpose: To provide an automatic facility to high networth Savings Bank customers for their excess funds in Savings Bank account to be invested in term deposits on an on-going basis.
Terms and Conditions: The customer would be required to open a Savings Plus Account (either a new account or redesignating an existing S.B. account) with a minimum balance of Rs.5,000/-.
The customer has to choose a threshold amount beyond which the system would create the fixed deposits. This threshold amount would necessarily have to exceed Rs.5,000/-. This is the normal amount, which he has to maintain in his saving plus account on regular basis.
The fixed deposits would be created for a minimum amount of Rs.10,000 and thereafter in multiple in Rs.1,000 and will give the customer the facility of unitized break-up.
The customer can draw on the deposits conveniently by merely issuing a cheque on the Savings Plus Account. While he/she may specify the specific Fixed Deposit created under this scheme from which the drawal is to be made, in the absence of any such specific instructions the Bank would follow the principle of 'Last in first out' i.e. break the latest fixed deposit (in multiples of Rs.1000/-) by an amount adequate for payment of the cheque.Eligibility-Only individuals in their own name or in joint names.
(Including pensioners having pension below Rs. 5000/- p.m.)
Only individuals of 18 years & above can open the a/c.
Minimum Balance for opening the account- Rs.5
Minimum balance that can remain in the account- Zero
Maximum balance- Rs. 10,000/- being the total value of business connection of the account holder, including other deposit accounts.
Maximum withdrawal- Maximum-20, in 6 months
Rate of interest- As applicable to Saving Bank accounts, if a minimum balance of Rs. 500/- or more is maintained.
ATM card ,Cheque Book and Nomination facility is available.
All other rules & regulations relating to SB A/c are applicableSENIOR CITIZENS DEPOSIT SCHEME
A special deposit scheme for senior citizens i.e. persons of 60 years and above. Higher interest (0.50%) than normal interest rates. Period ranging from 1 year to 10 years.
Eligible Applicants- Resident Individuals, Body of Individuals/ Non-individuals like Hindu Undivided Family (HUF), sole proprietorship firms, partnership firms, companies, Association of persons etc.
Non-resident Indians Not Ordinarily Resident assessees.
Artificial Judicial Persons, who have capital gains taxable in India
Purpose-A product for parking of capital gains for a period of maximum 3 years and utilization thereof for capital investment. Depositors may defer payment of Income Tax on Long Term Capital Gains for the time being and invest in the future capital at the appropriate time, but within 2 or 3 years.
Minimum Amount-
Rs.5,000 in case of Term Deposit and
Rs.1,000 in case of Savings Bank A/c
Period of deposit-
Not exceeding 2 / 3 years from the date of transfer of original asset as given below:
2 years – If capital gains is U/S 54B, 54F, 54G
3 years – if capital gains is U/S 54, 54D
Eligibility –
(a) Single holder or Joint holder
(b) The single holder type deposit receipt shall be issued to an individual for himself or in the capacity of the Karta of the Hindu undivided family;
(c) The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor:
Provided that in the case of joint holder type deposit, the deduction from income under section 80C of the Act shall be available only to the first holder of the deposit.
Period of Deposit-
Minimum: 5 years-Maximum: 10 years
(Can be opened either as Term Deposit or Special term deposit)
Maximum amount of deposit by an assessee-
Rs.1 lakh in a year with a minimum of Rs.1000 or multiples thereof.
Interest-
Card rates as
applicable to the domestic term deposits of 5 years and
above w.e.f. 17.11.2008
At present rate of interest applicable:
For Public- 9.00% p.a.
For Senior Citizens- 9.50% p.a.
staff concessions are available.
No premature payment before the expiry of five years from the date of the deposit.Other Conditions-
1. The Term Deposit receipt should bear the name, address, Permanent Account Number (PAN) and signature of the assessee.
2. The Term Deposit may be transferred from one branch to another but is not transferable between banks.
3. The Term Deposit shall not be pledged to secure loan or as security to any other asset.
4. All other terms and conditions same as for Term deposits.