We believe that little drops make the mighty ocean. We have therefore devised a deposit product that takes care of your small savings with fixed deposit rate of interest. The product is available for 12 Months, 24 months and 36 months.
Who Can Open:
All individuals including minors (Singly / 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 recurring deposit should be for a period of 12, 24 & 36 months only. Depositor can choose any of the terms from 12 / 24 / 36 months at the time of opening of account.
Minimum & Maximum Amount:
Rate of Interest: View latest Interest
Deposit under the product will carry rate of interest applicable from time to time for different periodicity, payable in the month of December every year.
Rate of interest may be negotiated for the accounts opened above Shs.10Mn every month.
Premature Withdrawal of the Deposit:
No premature withdrawal is allowed for –12- month deposit.
Premature withdrawal of the deposits made under the scheme, if requested, shall be allowed for deposits of 24 & 36 months. No part withdrawal of deposit is allowed.
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 90% of the total deposit in this scheme,in case of loan in same currency and 80% of deposit if loan is in different currencies.
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.