It is a fixed deposit scheme with basic features of lump sum deposit for a fixed period and on maturity principal amount with interest on quarterly compound basis will be paid
Features
- Minimum amount of deposit : Rs.10,000/-
- Maximum amount : No limit
- Minimum period of deposit : six months
- Maximum period of deposit : 10 years
- Interest rates : as applicable to fixed deposit rates on quarterly compound basis.
- No interest shall be payable for premature payment before one month
- Pre-closure penalty of 0.50% on applicable period interest rate
- Loan facility up to 90% of face value plus accrued interest subject to the terms and conditions
- Nomination facility available
- Flexibility to convert into Freedom Regular income scheme subject to same contracted period from the date of conversion
- Maturity amount exceeding Rs. 20,000/- and above will not be paid in cash.
- No TDS. PAN copy/Form 60/ Form 15 G/ Form 15 H will be obtained