This scheme has been launched with an objective to mobilize small & medium sized deposits from individuals/institutions intended to have liquidity feature with flexibility in long-term investment. Further, it also caters to the needs of persons/entities want to have higher returns than regular savings account with the varying level of liquidity.
Minimum Balance :
Rs 100,000/- (In multiple of Rs.1.00 Lac & Max Rs100.00 Lacs)
Period: 1 to 10 years
As per Normal FD rate
- Allows withdrawal up to 50% of original deposits in multiple of Rs 10,000/- not more than 5 times before maturity without any penal charge.
- The Interest on such premature withdrawal will be paid at the rate applicable to the period for which the deposit has remained with the Bank. (int. rate at the time of initial deposit or prevailing rate whichever is lower will be considered.
- The depositor can take loan from 90% of the deposited amount by paying 2% over the deposit rate.