This scheme is targeted at those individuals who want to have small saving but in regular intervals.It also caters to the need of persons with fluctuating income e.g. self-employed,professionals or person engaged in seasonal occupation especially in rural and semi-urban areas.Persons having fixed income but variable surplus can also take advantage of it.
Rs.100.00 (Base Amount, which is the least amount to be deposited every month) or above in its multiples (upto 10 times of base amount). The depositors will have the flexibility in terms of choice of day to deposit within the month. If the installment(i.e. base amount) is not deposited every month the depositor will receive interest at the rate of saving account at the time of payment of the maturity value.
· 6 month to less than 1 year
· 1 year to 5 years Attractive Interest Rate on daily balance & quarterly compounding
· Above 5 years to 10 years
· In case of payment before maturity, interest payable in respect of such deposit shall be 1% less than the rate applicable for actual deposit period or at contracted rate, whichever is lower.
· Depositors are allowed to borrow up to 90% of their accumulated deposit at interest rate of 1.5% higher than the rate for deposit.