|Name of the Product
|Cent Floating Deposit Scheme
|Eligibility for opening
|All type of customers eligible for opening. (Eligibility as per prevailing guidelines of Bank applicable to time Deposit accounts)
|Type of Deposit
|Period of Deposit
|1 year to less than 2 year and 2 year to less than 3 years
|Minimum deposit under this scheme will be Rs.1.00 lakh and Maximum –less than Rs. 2 Cr. (up to 1,99,99,999.00)
Rate of interest(Floating)
The deposits under the Scheme will attract floating interest subject to change in Repo Rate from time to time present rate is 6.50+0.30 to 6.50+0.35 i.e. 6.80% to 6.85%*Mark-up Rate is additional rate of interest offered by the Bank over and above the base rate which is REPO rate in this case. The Mark up rate would be revised at the bank’s discretion based on liquidity position of the Bank and the revised mark-up rate would be applicable for fresh and renewal deposits. REPO rate reset will be executed on 10th April, 10th July, 10th October and 10th January or as decided by the bank. Account level interest reset will start on completion of 3 months from the date of account opening. A quarterly alert at the time of reset will be sent to customer on effective rate applicable for the month.
|Additional Rate of Interest to Senior Citizen/staff/ex staff
|Additional interest of 0.50% to Senior Citizens, 1% to staff /ex staff members and 1.50% will be paid to senior citizen ex-staff.
|No premature closure shall be allowed up to 1 year. After 1 year premature closure will be allowed subject to penalty @ 1 % on the basis of rate of interest for the period of which the deposit remained.
|Demand loan/Overdraft facility
Demand Loan/Overdraft facility would available up to 90% of deposit amount. Interest rate would be 1.00 % p.a. above the applicable floating interest rate, changing of interest rate of loan will be done according to interest rate on time Deposit.
*In case of MIDR, QIDR amount of interest will be credited to loan account.
Demand Loan facility will be available both at Branch and on line mode.
Overdraft facility will be available only at Branch mode.If receipt print out has been taken at the branch, online mode demand loan facility will not be available to the account holder. In this case, demand loan facility will be available at Branch level only.
System will set off the deposit proceeds to the related demand loan or OD account if the loan outstanding along with accrued interest reaches 95% of the deposit balance. In this case, loan or OD account will be liquidated and balance if any, will be transferred to related CASA account.
|Since the interest rate is floating and is not pre decided as in the case of normal fixed deposit, maturity value cannot be determined in the deposit.
Renewal will be allowed as per the instruction of the customer recorded at the time of opening of the deposit.
|Other terms and conditions
|All other existing terms conditions applicable to time Deposit will continue.