The
scheme would be open for the general public from September 10th, 2012 and will
remain valid up to October 31st, 2012. However, the Bank would reserve the
right to modify, withdraw or extend the scheme without any prior notice.
Eligible
Depositors under the Scheme would be same as eligible depositors in Fixed
Deposit Scheme currently available in the Bank.
KYC
Norms for opening account are applicable for these accounts and hence proof of
residence and proof of identification will be required along with recent
photograph of the depositor/s.
Period
of Deposit : 999 days
Rate
of Interest is 9.30 % per annum and the interest will be compounded quarterly.
Interest
will be paid only at the time of maturity along with principal with quarterly
compounding effect. However, the payment/credit of interest to the account will
be subject to TDS as applicable.
In
all cases of premature withdrawals, the interest would be payable at 1% below
the applicable card rate under the normal fixed deposits for the period for
which the deposit has remained with the Bank as on the date of deposit and not
at the contractual rate.
Facility
for availing loan/overdraft against ‘UCO 999’, fixed deposit scheme would be
available as per existing guidelines for availing loan/overdraft against Bank’s
own Fixed Deposits
The
facility of nomination would be available under the scheme.
No
auto renewal is permitted under ‘UCO 999 Fixed Deposit Scheme’.
Tax
would be deductible at source as per the prevailing Income Tax rules.
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