Cash Certificate Scheme
.png)
This is a unique product which is intended to cater to the demand of those depositors who want higher return on small investments. This is in fact a discounted value system, the maturity of which has been fixed as the height of Mount Everest (i.e. 8848 mt. & 29029 feet)
Name of the scheme: “HAJURKO KAMAI, EVEREST KO UCHAI”
Target Group : Individuals, professionals, housewives who want to invest small deposits for 2-3 yrs period
Features/modality:-
A fixed amount shall be deposited for fixed tenure with fixed maturity value. The maturity value will be Rs.8,848.00 and Rs.29,029.00 matching to the height of Mt. Everest. The depositor has to deposit discounted amount as indicated in the table to get the maturity value.
SN |
Principal Amt. |
Period |
Int. rate |
Maturity Value |
|
|
1 |
6,448.00 |
3 yr |
10.6877% |
8,848.00 |
height in mt. |
|
2 |
7,148.00 |
2 yr |
10.8115% |
8,848.00 |
|
|
3 |
21,029.00 |
3 yr |
10.8921% |
29,029.00 |
height in ft. |
|
4 |
23,429.00 |
2 yr |
10.8610% |
29,029.00 |
* interest compounding on quarterly interval and subject to deduction of statutory tax
Premature Cancellation/Loan:-
Alike normal deposit scheme, premature cancellation will be allowed in this scheme as well. In case of premature cancellation, 1% less interest on published rate (normal FD) will be paid for the actual period of deposit. Similarly, loan will be allowed to the extent of 90% of deposit with interest rate of 12% p.a.
