Deposit Premium Scheme is a deposit product where you can make an initial deposit at the beginning along with fixed monthly installment deposits.
Features & Benefits:
- A person having a sound mind can open the scheme singly or jointly or in the name of institution.
- The account holder can avail credit facility up to maximum 90% of the deposit amount against lien on the balance amount of the respective account at 2.00% higher than the deposit scheme rate after completion of 1(One) year.
- Premature encashment may be allowed only after expiry of minimum 3 (three) months. In such cases, interest will be calculated at least 2.00% less than the prescribed rate, which will be applicable for the period completed.
- The interest is payable subject to deduction of excise duty, withholding tax etc. as imposed by the government from time to time.