The product is in the nature of Term Deposit for the period of 500 & 700 Days.
Who Can Open:
All individuals including minors (Single / Joint) , Sole Proprietary / Partnership firms, Private / Public Ltd. Companies, Trusts, Societies, Clubs, Educational Institutions, Government Departments, Public Sector Undertakings etc. are eligible to invest in the product.
Period of the Deposit:
The term deposit should be for a period of 500days & 700days.
Minimum & Maximum Amount:
Minimum Amount: Shs.1.00Mn.
Maximum Amount: There is no upper ceiling.
Rate of Interest:View latest Interest Rates
Premature Withdrawal of the Deposit
Premature withdrawal of the deposits made under the scheme, if requested, shall be allowed. No part withdrawal of deposit is allowed.
In case of joint names, requests for prepayment shall be made in writing, signed by all the depositors.
Loan / Overdraft against the security of the Deposit:
Loan / Overdrafts are available on the request of the account holder in the Savings Bank / Current A/c of the depositors against the deposits made under the product as an inbuilt facility. Facility is available up to the extent of 85% of the total deposit in this scheme.
Alternatively, the depositor may avail loan against deposit in usual way, whenever needed in future.
Rate of interest on Overdraft / Loan is to be charged @3-5% above the deposit rate.