Deposits

Terms of the certificate

1. This scheme is called Banashankari Silver Jubliee Cash Certificate
2. The period of this deposit is for 5 years from date of opening
3. In this scheme depositor can invest for 5 years a minimum of Rs. 6982/- and can take Rs.10000/- on maturity and maximum of Rs. 69820/- to get Rs.100000/-
4. The cash certificate will be issued to individuals in their single name or in joint names payable to either or survivor. It can be issued to Minors through their natural guardian or .
5. Senior citizens are also eligible for investing in this scheme without additional interest of 0.50%pa
6. Account will be opened subject to production of KYC
7. Nomination facility available. If the nominee is Minor, the rightful guardian’s name who is eligible to collect the matured amount on behalf of the minor should be mentioned at the time of opening of deposit
8. Pre closure facility is available. On pre closure, simple interest will be applied. The interest applicable for the period the deposit remained with the bank less 1%.
9. Depositor can avail loan to an extent of 85% of the deposited amount at 1% extra on contracted rate
10. Depositors are bound by the present terms and conditions and forthcoming changes in terms and conditions on deposits as per RBI guidelines.
11. Certificate is not transferrable
12. Income tax will be deducted from the interest as and when accrued interest exceeds Rs.40000/- If the customer furnishes Form 15G then TDS will be exempted
13. No interest is payable on maturity value from the date of maturity of the certificate
14. In the event of death of the depositor, the maturity value is payable to nominee of the depositor or legal heir of the depositor on production of copy of the death certificate and identification of the nominee
15. In case of loss of certificate, a duplicate will be issued on payment of a small fee and execution of an indemnity bond on a stamp paper of requisite value