Passbook charge @Rs. 500/- will be charge per account.
Available tenure for Special Term Deposit is 30, 36, 48 and 60 months.
Minimum amount for Special Term Deposit would be ₹500/- and maximum in the multiple of Rs. 500/-.
Deposits should be done on or before fix date of every month.
Grace period of 10 days to pay instalment will be available to the customer, if fail then 1% will be fined.
In case of lapse, depositor is not entitled for the interest amount at the end of maturity period. Depositor will get only the principle amount. (3 consecutive missed is treated as Lapse)
Pre-mature or Mid-term withdrawal are not allowed within
1 year for 30 months tenure deposit.
1.5 years for 36 months deposit.
2 years for 48 months tenure deposit.
2.5 years for 60 months deposit.
In the case of premature closure after the above said duration, no interest shall be paid to the depositor, only his/her principal amount shall be returned.
Interest is paid only on maturity when all the stipulated instalments are paid by the customers; the accumulated amount is repayable together with accrued interest on the date of the maturity after deduction of 2% maintenance charge. (Date of Maturity is after 1 month of the last instalment is received)
However, where the last instalment is received by the Company after the due date, the accumulated amount together with interest after deduction of 2% maintenance charge will become repayable one month after the date of received of such instalment irrespective of the maturity date of the deposit.
In case of death of the depositor, the company will repay the principal amount and interest to the nominee, at which it was accepted..