|
My Dad opened Flexi-fix Your Dad?
SALIENT FEATURES
1.The deposit to be
placed in units of Rs.5000/= each. Each unit will be called a clusters.
2.Initial amount of
deposit to be placed will be Rs.10000/-.
3.Under this scheme
the withdrawals can in units of Rs.5000/- and in multiples thereof.
4.The amount can be
withdrawn by the depositor's requirements in clusters of Rs.5000/-each
leaving the rest of the balance intact. (Subject to after a minimum
period of 15 days)
5.The deposit can be
placed from 30 days to any period up to 5 years.
6.The cluster deposit
will earn interest at the rate as applicable to the period of deposit.
7.On maturity of the
deposit, the principal amount will be renewed for the period as
directed by the depositor. The interest earned on this deposit will be
paid on quarterly basis either by way of pay order or crediting the
same to the depositor account. Instructions on the payment and renewal
have to be given by the depositor only
8.If the depositor wishes to withdraw the amount
before the date of maturity he/she can withdraw the amount in units of
Rs.5000/- each depending upon his/her requirements. In such cases
interests will be paid for the amount withdrawn at the rate as
applicable for the period up to which the amount withdrawn remained as
deposits. No penalty on interest will be charged. However a nominal
charge of Rs.25/- will be charged on each withdrawal. The balance
amount in the deposit after the withdrawal of the required amount by
the depositor will continue to earn interest as originally contracted.
9. The depositor can also avail the overdraft
facility up to 75% of his/her "Flexi fix" deposits. In such cases,
interest rates will be charged as per the norms prescribed by the bank
for loan/overdraft against deposits from time to time. The rate of
interest for such overdraft will be charged as per rules, in which
cluster deposit, the depositor wants to avail the overdraft.
Sufficient clusters will be lien marked based on the amount availed as
overdraft.
10. The depositor may provide instruction for
renewal/disbursement of the maturity proceeds of his/her deposit at any
time before the deposit matures. In the absence of his/her instruction
the bank will safeguard the depositor/s from any loss of interest by
renewing the deposit for a similar term at the interest prevailing at
the time of renewal, for which action express consent of the depositors
will be obtained at the time of placement of original deposits.
11. The acceptance of deposits in anyway will be in
accordance with the rules of the Bank and/or the directives laid down
by Reserve Bank of India from time to time.
| 
