Premium Savings Account
The Bank has introduced a Premium Savings Account
at e-banking branches that combines full safety, easy liquidity and highest
possible interest. The salient features of the scheme are as under
- A unique 'Sweep out, Sweep in' facility offered at our e-banking branches
ensures that while the customer's money earns solid interest as a fixed
deposit, it turns liquid to meet his urgent needs. That too at no extra
cost.
- Average monthly balance of Rs.10000/-to be maintained in the Premium
Savings Account.
- Balance available in the account in excess of Rs.10000/-on any day gets
automatically swept out into a fixed deposit for 180 days in units of
Rs.1000/-.
- In the event of shortfall in SB for meeting your clearing cheques or for
other urgent needs, the fixed deposit is swept back into the Premium Savings
Account in required number of units of Rs. 1000/- free of cost.
- No penalty is charged for breaking the fixed deposit prematurely. However,
the amount swept out earns interest for the period run at the applicable
rate.
- Even while breaking the fixed deposit, only the most recently converted fixed
deposit is first broken to minimise interest loss to the customer.
- Only those amounts swept out of your Premium Savings Account are eligible for
sweep in and not other fixed deposits.
- When fixed deposits mature at the end of 180 days, the Bank will renew the
principal every 180 days while crediting the interest to the savings account.
Rs.100/-per month is levied as service charges whenever the monthly average
balance in the Premium Savings Account goes below Rs.10000/-
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