An ideal scheme of monthly savings for salaried
people,businessmen,professionals etc.Small amounts saved every month for a
long period come in handy to meet large financial commitments in the future.
Salient features of the scheme are:
- Minimum deposit is Rs.100/-per month.
- Period of deposit ranges from 12 months to 10 years.
- Delayed payment of instalments are accepted with nominal penalty.
- Monthly minimum balance in the account earns compound interest every quarter.
- No tax is deducted from the interest on the deposit.
- Loans up to maximum of 95% of the deposit amount available depending on
the length of the unexpired period of the deposit.
- Nomination facility available.
- The rates of interest are as fixed by the Bank from time to time.