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Home >> Deposit Products >> Special Premium Savings Account
 
Special Premium Savings Account
 

Special Premium Savings Account

The Bank has introduced a Special 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.20000/-to be maintained in the Special Premium Savings Account.

  • Balance available in the account in excess of Rs.20000/- on any day gets automatically swept out into a fixed deposit for 1 year 1 day in units of Rs.5000/-. Rs.100/-per month is levied as service charges whenever the monthly average balance in the Special Premium Savings Account goes below Rs.20000/-

  • 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 Special Premium Savings Account in required number of units of Rs. 5000/- 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 Special Premium Savings Account are eligible for sweep in and not other fixed deposits.

  • The interest accrued will be paid out Quarterly on 1st working day of the succeeding quarter and on Maturity to the Savings Account.

  • When fixed deposits mature at the end of 1 year 1 day, the Bank will renew the principal for the same term (1 year 1 day).  
 
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