It is a deposit product for a specific period of 7 years. On completion of term, the principal amount will be doubled and the depositor will get double of deposited amount.
Features & Benefits:
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- A person having a sound mind can open the saving scheme account singly or jointly or in the name of any institution.
- The account holder can avail credit facility up to maximum 90{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} of the deposit amount against lien on the balance amount of the respective account at 2.00{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} higher than the deposit scheme rate.
- Premature encashment may be allowed only after expiry of minimum 3 (three) months. In such cases, interest will be calculated at least 2.00{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} 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.
