This deposit scheme is devised to invest the surplus fund that you
may keep in your Savings Bank or Current Account. Under the scheme, the surplus
fund is invested in short term deposits for 46 days, and then is either paid
back or renewed, as desired by you. The deposit earns a high interest while
retaining its liquidity. The periodical transactions can be automatic as per
your instructions. By making use of your idle money, the scheme provides you an
option to meet both your short term and long term requirements.
Bankology is the study of various aspects of banks with the ingredients of personal touch and work experiences.It is A Journal for Financial Literacy. It is an Endeavour to Inform & Not to Impress.
Friday, December 06, 2013
Sunday, December 01, 2013
FRIEND-IN-NEED SCHEME (A FIXED DEPOSIT WITH CHEQUE FACILITY)
This Term Deposit earns high interest and simultaneously offers
overdraft facility through a Current Account. Cheque facility is available for
withdrawal of money limited to 90% of the deposit. The drawals together with
interest can be paid back in instalments, without affecting the growth of the
deposit. This unique combination of fixed deposit with cheque facility comes as
your true friend in meeting your emergency needs.
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