Sr. No.
Regular Income Plan
1
Target Group
Individuals, Salaried class, Traders, NRIs, Businessmen, HUF, professionals, Pensioners, Corporates, Charitable Trusts, Educational Institutions, and Voluntary Orgn. Etc.
2
Purpose
A regular income with the corpus remaining intact
3
Minimum Amount
Mini. Deposit amount of Rs.100/-
4
Minimum / Maximum period
From a min. period of 12 months to a maxi. Period of 120 months.
5
Rate of interest
Rests
Depending upon the maturity period with quarterly rests
6
Prepayment
Overdraft/Loan facility interest rate
Prepayment of deposit amount allowed affording interest at @1% below the rate applicable for the period deposit has run with the bank. In case of prepayment before 45 days no interest will be paid. However, there will be no penal interest, if the prematurely withdrawn deposit is reinvested for a period longer than the remaining period of the original contract of the deposit.
Please refer Circular No. BGGB: HO: ADV: 03: 15 dated 30.04.2007
7
Cheque Book facility
NA
8
Convenient features
Easy to liquidity. Easy transfer of accounts from one branch to any other branch of the bank.
9
Easy Access features
Regular payment of quarterly interest by automatic credit to the S.B. A/c / Current |A/c. execution of Standing instructions linked to interest payment (quarterly). Accepted as a security by Govt. deptt. Accepted as margin for Non fund based facilities.
10
Other special features
Nomination facility available. In case of individual & sole proprietorship accounts only.
Higher yield than Short Deposit.