"KAR-BACHAT"
(Tax Savings Deposit Scheme)
Bank has introduced new
Deposit Scheme "Kar-Bachat"
which is eligible for
deduction u/s 80C of Income Tax Act, 1961
Features of Scheme
Period of Deposit
Five Years
Rate of Interest
9.00%
p.a.
Eligible Depositors
Single Individual / Joint Deposit (Not More than two individuals
as Joint Holders) / HUF
Maximum Amount of Deposit
Rs.1,00,000/- (Rs.One Lacs Only) Any Individual as a single
depositor or bearing first name in the joint deposit can invest
total amount not exceeding Rs.1,00,000/- under this scheme
Minimum Amount of Deposit
The deposit under the scheme cannot be pledged to secure
loan or security to any funding / non funding credit facility
or for any other purpose.
Additional Interest Rate for Senior Citizen
Applicable
Benefits
Higher Yield + Tax Benefit
QUARTERLY INTEREST DEPOSIT SCHEME
Features of Scheme
Period of Deposit
Minimum 1 year and maximum 10 years
Interest Payment
Quarterly Interest By Payorder / Cash / Credit to Account
Maximum Amount of Deposit
No Limit
Minimum Amount of Deposit
Rs 1000/-
Pledging of Deposit
Allowed
Premature Withdrawal
Allowed with penalty of 1% in interest rate
Additional Interest Rate for Senior
Citizen and Co-op Hsg Soc
Applicable
Eligible Depositors
All depositors
MONTHLY INTEREST DEPOSIT SCHEME
Features of Scheme
Period of Deposit
Minimum 1 year and maximum 10 years
Interest Payment
Quarterly Interest By Payorder / Cash / Credit to Account
Maximum Amount of Deposit
No Limit
Minimum Amount of Deposit
Rs 1000/-
Pledging of Deposit
Allowed
Premature Withdrawal
Allowed with penalty of 1% in interest rate
Additional Interest Rate for Senior Citizen and Co-op Hsg Soc
Applicable
Eligible Depositors
All depositors A
CASH CERTIFICATE DEPOSIT SCHEME
Features of Scheme
Period of Deposit
Minimum 1 year and
maximum 10 years
Interest Payment
Quarterly Compounded Interest
payable on maturity
Maximum Amount of Deposit
No Limit
Minimum Amount of Deposit
Rs 1000/-
Pledging of Deposit
Allowed
Premature Withdrawal
Allowed with penalty of 1% in interest rate
Additional Interest Rate for Senior Citizen and Co-op Hsg Soc
Applicable
Eligible Depositors
All depositors
RECURRING DEPOSIT SCHEME
Features of Scheme
Period of Deposit
Minimum 1 year and maximum 10 years
Interest Payment
Quarterly Compounding Interest payable on maturity
Maximum Amount of Instalment
No Limit
Minimum Amount of Instalment
Rs 100/- per month
Pledging of Deposit
Allowed
Premature Withdrawal
Allowed with penalty of 1% in interest rate
Additional Interest Rate for Senior Citizen and Co-op Hsg Soc
Applicable
Eligible Depositors
All depositors
SHORT TERM DEPOSIT SCHEME
Features of Scheme
Period of Deposit
Minimum 7 days and maximum 365 days
Interest Payment
Quarterly Interest payable on maturity
Maximum Amount of Instalment
No Limit
Minimum Amount of Instalment
Rs 1000/- per month
Pledging of Deposit
Allowed
Premature Withdrawal
Allowed with penalty of 1% in interest rate
Additional Interest Rate for Senior Citizen and Co-op Hsg Soc