We have pleasure in informing launching of a new
deposit scheme namely “ Synd Corporate Suvidha Deposit Scheme” .
The sailent features of the scheme are as follows :
- Amount of deposit : The minimum quantum of deposit under the scheme is fixed at Rs.500 lacs and thereafter in multiples of Rs.100 lac.
- Period of deposit : 7 days to 180 days.
- Rate of interest : As applicable to other domestic term deposits. No special or extra rate can be offered.
- Payment of interest : Simple interest is payable at quarterly intervals at the contracted rate.
- Premature refunds :
- Premature withdrawal in multiple of Rs.100 lac permitted subject to one day notice. However minimum balances of Rs.5 crores should be retained after such partial withdrawal.
- There is no restriction regarding frequency and number of withdrawals.
- No penalty is to be charged on partial withdrawals . Interest payable on such portion shall be the interest applicable at the time of accepting the deposit for the period the amount remained with the Bank.
- Loans on Deposit : LD can be arranged only on the balance amount held with the Bank and under no circumstances withdrawals beyond the margin stipulated for the LD, shall be permitted.