1. The deposit is automatically renewable
after a period of 15 days. There is no necessity for the
depositor to give instructions.
2. Each renewal of the deposit for a lap of
15 days shall be deemed as a independent contract.
3. Interest along with the principal will
be reinvested together with the accrued interest at the time of
each maturity, along with fresh/additional deposit if any.
4. On every cycle the depositor is given an
option to invest additional amount or to withdraw any amount
from their account in multiples of Rs.500/-.
5. As per the existing interest rate
structure a deposit made under this scheme will earn interest
at the prevailing rate.
6. The minimum amount of deposit is
Rs.10000/- and in multiples of Rs.500/- thereon.
7. At any time the balance in the account
should not be below Rs.10000/- if at any time the account shows
balance less than Rs.10000/- the account will be closed and the
proceeds will be returned.
8. There is no need to give deposit
receipts in this scheme, instead a passbook is issued giving
the details of all transactions under this account.
9. There is no loan facility in this
account as this scheme is having the withdrawal facility.
10. If any pre closure is sought for , the
amount payable shall be the principal plus the interest accrued
on the deposit up to the last completed term of 15 days.
