“Twin Gain“ is the unique feature of this scheme as it provides for easy withdrawal of money in case of need and the balance amount earns interest at the contracted rate.
- Minimum ₹5,000/- and in multiples of ₹1,000/- thereafter.
- The scheme provides for two options and the option once exercised at the time of deposit is irrevocable.
Loan Facility:
- Available as per the prescribed rules of the Bank(Refer other terms &conditions)
Nomination facility:
- Available.
Option 1:
- Deposit will be accepted initially for a period of 46/30 days or period as may be decided from time to time and thereafter it will be automatically renewed together with accrued interest for subsequent 38/59 blocks of 46/30 days each till there is an instruction to the contrary by depositor. The option once exercised at the time of initial investment is irrevocable.
- The rate of interest applicable for each renewal will be the rate prevailing on the date of renewal as prescribed by Head Office from time to time. Interest will be calculated on completion of each block of 46/30 days.
- The depositor can withdraw the deposit amount in units of Rs.1000/- at any time as and when required during the currency of deposit. However, no interest is payable in respect of units withdrawn before completion of 30 days block.
- A consent letter for automatic renewal is obtained.
Option 2:
- The minimum period of deposit is 3 months and the maximum period is 60 months. The period of deposit shall be specified by the depositor at the time of opening the account.
- Interest will be compounded quarterly and credited to the respective deposit account on quarterly basis (as in the case of ACC)
- The Rate of interest prevailing at the time of deposit will continue till the due date.
- The depositor can withdraw the deposit in units of Rs.1000/- each as and when required before the agreed period.
