It is a long term savings scheme where members can deposit
Rs. 10,000/- (Rupees Ten Thousand Only) per month for a period of 72 months (six years) and on maturity (after 72 months) they will get a whopping lumpsum amount of Rs. 10,02,864/-.(ONE MILLION) The applicable interest rate will be 10.50% p.a.
Features :
- Monthly deposit amount : Rs. 10,000/-
- Interest rate : 10.50%
- Compounding effect : Quarterly compounding
- No. interest will be paid for pre-mature closure before 6 months
- In case of pre-mature closure after six months, penalty of 1% will be levied on the applicable rate for the period of the deposit run.
- Loan facility up to 90% of the principal and accrued interest amount at the time of obtaining the loan
- Nomination facility available
- Penal charges for delayed deposit of monthly instalment will be @Rs. 200/- per month
- No. TDS.
- Single member can open any number of accounts