This Deposit Scheme is mainly aimed at lower / lower middle / middle / upper middle and salaried sector. It mainly encourages small investors to save in easy monthly installments over a fixed period of time.
Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, visually impaired persons, housewives, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a "Cumulative Account" in single/joint name/s.
- Monthly installments can be for any amount starting from as low as Rs.5/- and its Multiples.
- An account can be opened for any period ranging from 12 months to 120 months.
- The installment amount selected at the start of the scheme will be payable every month.
- The number of installments once selected, cannot be altered.
- Interest at the applicable rate is compounded every quarter.
- The maturity amount will be paid one month after the deposit of the last installment (latest table giving maturity values available with the branch)
- A pass book will be provided to the depositor
- Cumulative Deposit accounts are exempted from TDS
- Person can avail of 75% in term of Advance on their Deposit on Demand.
- No interest will be paid if the account has remained with us for less than 6 months.