ICHHA SHAKTI JAMA YOJNA:
1
Target Group
Individuals, Salaried Class, People with ranging monthly income, Minors, Housewives, Clubs, Associations, Educational Institutions, Partnerships and joint stock Cons etc.
2
Purpose
FOR REGULAR SAVINGS WITH FLEXIBILITY IN MONTHLY INSTALMENTS AND HALF YEARLY COMPOUNDED INTEREST FOR A HIGHER YIELD AS COMPARED TO SAVINGS BANK DEPOSIT.
3
Minimum Amount
For a minimum deposit of Rs.100/- per month or in multiple of Rs.100/-, thereafter up to a maximum deposit of 3 times subject to Rs.10000/- per month.
4
Minimum/Maximum Period
From a period of 12 months up to a maximum period of 36 months.
5
Rate of Interest/Rests
Applicable rate of interest of Bank’s term deposits depending upon the maturity period of the account with half yearly rests as per pattern of Savings Bank deposit. Interest is calculated on monthly product basis and compounded and credited in the account every six months in the month of July and January for the period January to June and July to December respectively.
6
Prepayment.
Overdraft/Loan Facility/Interest Rate
Prepayment of deposit amount allowed affording interest at @1% below the rate applicable for the period the account has run with the bank. However, there will be no penal interest, if the prematurely withdrawn deposit is reinvested for a period longer than the remaining period of the original contract of the deposit.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
N. A.
8
Convenient Features
A separate Passbook is issued to the depositors. Scheme where the minimum monthly amount is fixed for chosen period, and the depositor is allowed to deposit variable amount every month.
9
Easy Access Features
The monthly installments to be deposited every month on or before 10th to be considered eligible for interest for that month.
10
Other Special Features
Higher interest on deposit with a choice to alter the deposit amount every month. Nomination facility in case of individual & sole proprietorship accounts only.