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Home >> Personal Banking >> Savings & Deposits >> KAMADHENU DEPOSIT (Re-investment Plan)
 
KAMADHENU DEPOSIT (Re-investment Plan)
 
 

KAMADHENU DEPOSIT (Re-investment Plan)

ELIGIBILITY

Individual, Joint (not more than 4), a Guardian on behalf of a minor, HUF, Partnership, a Company, Association or any other Institution

INVESTMENT

Minimum Rs.1000/-
Maximum - No ceiling
(Can be deposited in odd amount also)

PERIOD OF DEPOSIT

Minimum 5 months
Maximum 120 months
(can be for odd period also)

INTEREST RATE

Depending upon the period of the deposit as prevailing from time to time. Interest compounded quarterly.

PERIODICITY OF INTEREST PAYMENT

On Maturity

SPECIAL RATE FOR SENIOR CITIZEN

Additional interest rate of 0.50% uniformly across all maturities, irrespective of the size of the deposit over & above the rate offered for General Public except for Deposits accepted under Capital Gains Accounts Scheme,1988 and NRO term deposits. In case of death of the Senior Citizen before the date of maturity, the deposit may be continued with the contracted interest rate only if there is no change to the other contracted terms.

TDS

Applicable

NOMINATION FACILITY

Available

LOAN FACILITY

Available upto 90% of the deposit amount

PENALTY FOR PREMATURE CLOSURE /PART WITHDRAWAL/PREMATURE EXTENSION OF DEPOSITS:

A penalty of 1.00% will be levied for premature closure/part withdrawal/premature extension of Domestic /NRO term deposits of less than Rs.1 Crore that are placed/renewed on or after 04.02.2011.
No penalty will be levied for premature closure/part withdrawal/premature extension of Domestic /NRO term deposits of Rs.1 Crore & above that are placed/renewed on or after 13.10.2012.

No interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day.

EXTRA FACILITY

· Facility of part withdrawal of deposits in units of Rs.1000/- keeping the rest of the deposit to earn contracted rate of interest, available.

AUTO RENEWAL OF DEPOSIT

Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance.
Proof of address as per KYC Norms

OVERDUE DEPOSITS

a) The deposit will be renewed automatically from the date of maturity for a similar period at the interest rate prevailing on the date of maturity for the period of deposit, if automatic renewal has been opted by the depositor at the time of opening of the deposit account (except deposits opened under Capital Gains Scheme, Canara Tax Saver Scheme & Non-callable term deposits).

b) If automatic renewal of the deposit is not opted by the depositor and the deposit remains with the Bank after the date of maturity (even if the CBS system renews the deposit automatically), the same will be treated as an overdue term deposit from the date of maturity of the original deposit. The overdue term deposit will be paid interest at prevailing Savings Bank rate for the overdue period, i.e. from the date of maturity of the original deposit till the date of payment/ re-investment.

APPLICATION & DOCUMENTS

Application in the Banks’ prescribed form.

Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card).

Photograph of Depositor/s (2 copies).

Proof of Identity and address as per KYC Norms.

Any other related documents as applicable to proprietor ship concern, Partnership

Firm, Company, HUF etc.