Maturity
Intimation letter is being sent 2 months in advance of the
maturity date. The depositor has to surrender the Original
Term Deposit Receipt duly signd (In case of Renewal, the depositor
has to sign on the reverse of TDR without affixing a Revenue
stamp; in case of Repayment, the depositor has to sign on
the reverse of TDR affixing a Revenue stamp) with a renewal/
repayment instructions.
Signatories for Payments
|
|
Scenario |
Anyone or Survivor |
Number One or Survivor |
| Regular payment on
maturity |
Anyone can sign |
Number one alone
can sign |
| Premature payment |
All of them have
to sign |
Number one alone
can sign |
|
|
Premature withdrawal
The company reserves the right to allow, at its absolute discretion,
withdrawal of deposit before maturity. Where a deposit is
so allowed to be prematurely withdrawn the relative deposit
receipt must be discharged by all the depositors in case of
A or S/s deposit and by the first named depositor in case
of N or S/s deposit.
As per the Directions of RBI currently in force:
| Upto 3 months from the date of deposit/renewal(Lock-in-period) |
No repayment(Not applicable in case of premature
repayment in the event of death of the depositor**)
|
| After 3 months but before 6 months |
No Interest* |
| After 6 months but before the date of maturity |
The interest payable shall be 2 percent
lower than the interest rate applicable to a depositor
for the period for which the deposit has run or if no
rate has been specified for that period, then 3 percent
lower than the minimum rate at which deposits are accepted
by the company* |
** Premature payment can be made without interest in the case
of death of a depositor.
* The above Rates are also applicable for Prematurity payment(PMP)
in the case of a death of depositor.
|
|
