TWO-WAY DEPOSIT SCHEME (MAKES YOUR IDLE MONEY GROW)

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.

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.

MONEY BACK RECURRING DEPOSITS (MAKES YOUR DREAMS COME TRUE)

It is a long term Recurring Deposit scheme with intermediate withdrawal facility. Deposits are to be made every month, and the maturity period is after 120 months. You will be having two options :

• You may opt to have one intermediate withdrawal at the end of 60 months and get the final payment at the end of 120 months, or

• You may withdraw immediately at the end of 36 months and 72 months, and get the maturity amount at the end of 120 months.

The scheme meets your long term monetary requirements.

UCO No-frills Savings Bank Account

In order to include a larger cross-section of the population, who are at the bottom of the pyramid, to avail of the banking services who could not avail of the same on account of some restrictive clauses, namely, minimum initial deposit for opening of the account which is difficult to arrange by such population, maintenance of minimum balance failing which charges are levied etc., it has been felt expedient to introduce a new Savings Deposit Scheme titled "UCO No-frills Savings Bank Account". The salient features of the scheme so designed are as follows :

1. Title of the Scheme - "UCO No-frills Savings Bank Account".
     
2. Initial deposit for opening the account and maintenance of minimum balance - The account can be opened with a minimum initial deposit of Rs.5/-. In case of cheque facility being availed by the account holder, the minimum initial balance should be Rs.250/-. In case of need, the balance in the account may be allowed to go even below the minimum initial deposit and the account may continue even with "Zero" balance.

Opening of Account under the scheme - The scheme is introduced in all metro, urban, semi-urban and rural categories of branches without making any differentiation with regard to amounts of initial deposit and maintenance of minimum balance as prevailing at present for opening of Savings Bank Accounts.

3. Eligibility for opening "No-frills Savings Bank Account" - The eligibility for opening "No-frills" Account will be the same as that for opening an ordinary Savings Bank Account. Persons above the age 10 and below 18 years and are able to read and write may also open a minor no-frills savings account in his own name or jointly with any other person.
     
4. Restriction of number of withdrawals/debit entries in "No-frills" Account - upto 25 debit entries in a half-year are allowed free in those accounts. In case the debit entries exceed 25 during a half-year, charges will be levied @ Rs.3/- per additional entry during a half-year.
    
5. Charges to be levied -
    
1. For accounts opened with initial deposits of Rs.250/- for having Cheque Book facility, in case the balance comes down below the initial deposit even upto zero balance, usual charge for non-maintenance of initial deposit shall be levied.
2. For standing instructions - no charge will be levied.
3. Collection of cheques and issuance of Demand Drafts/MTs are permitted in those accounts and normal charges are to be levied for those services.
4. For accounts with cheque book facility, one cheque book of 20 leaves to be provided free of charge in each year. Any additional requirement of cheque leaves during a year will attract a charge of Rs.2/- per cheque leaf.
5. No incidental and folio charges will be levied in these accounts.
6. All other charges for services as presently applicable for normal Savings Bank Account are to be levied and recovered.
      
6. Compliance of KYC Guidelines - Simplified KYC procedures for opening of Accounts as advised through Bank's Circular No. CHO/SUA/39/2005-06 dated 29.08.2005 may be adhered to. The salient features of the Circular are mentioned hereunder for ready reference :

In case, the person concerned who wants to open the account is not able to produce any of the specified documents, required to be verified at the time of opening of account to establish the identity and address of the customer, the account may be opened for those persons subject to compliance of the following :

1. Introduction from another account holder who has been subjected to full KYC procedure. The introducer's account with the bank should be at least six month old and should show satisfactory transactions. Photographs of the customer who proposes to open the account and also his address need to be certified by the introducer.

or

2. Furnishing any other evidence as to the identity and address of the customer to the satisfaction of the bank.

However, while opening such accounts the customer should be made aware that if at any point of time, the balance in all his/her accounts with the bank (taken together) exceeds Rs.50,000/- or total credits in the accounts exceed Rs.1.00 lakh in a year, no further transaction will be permitted in the account until full KYC procedure in regard to verification of identity and address of the customer through the documents as specified are complied with.

UCO 222 Fixed Deposit Scheme

Scheme Name : UCO 222 Fixed Deposit Scheme

Deposit Period : 222 Days

Minimum Amount of Deposit : Minimum Amount: Rs. 5000/-

Maximum Amount of Deposit : Maximum Amount: Rs. 5 crore.

Deposit Multiple : In multiples of Rs. 1000/- only

Rate of Interest : 9.00% p.a.

Foreclosure Interest : In case of pre-mature closure interest payable

1% below applicable rate under normal Fixed

Deposits for the period deposit remained with the Bank.

Validity Period of Scheme : From 01-10-2012 to 31-12-2012

Auto – Renewal : No Auto Renewal under this Scheme

Senior Citizen : Additional (0.75) i.e. @ 9.75%

Staff : Additional (1.00) i.e. @ 10.00%

Ex- Staff : Additional (1.00) i.e. @ 10.00%

Senior Citizen (Ex-Staff) : Additional (1.25) i.e. @ 10.25 %

‘UCO 999 FIXED DEPOSIT SCHEME’

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.

UCO Bank’s Anti Money Laundering Policy

UCO Bank’s Anti Money Laundering Policy is in operation since 20.11.2002. KYC guidelines are important features of the policy. The main provisions of the policy are summarized below.

OBJECTIVES: –

1. To protect the Bank from being used for money laundering.

2. To adhere to the internationally accepted “Know Your Customer” policies and procedures in the day to day business.

3. To take appropriate action when suspicious activity is detected and to report to the designated authorities.

4. To comply with applicable laws as well as norms adapted internationally by banks and financial institutions as per the “forty recommendations” of FATF.

5.  Employees will conduct themselves in accordance with the highest ethical standards.

6. They should not knowingly provide advice or other assistance to those who indulge in money laundering.

7.  Employees who suspect money-laundering activities should refer the mater to Anti Money Laundering compliance officer. There shall be one identified compliance officer in each branch and in each Regional Office.

8.  “Know Your Customer” is an integral part of Anti Money Laundering policy.

SPECIAL DEPOSIT SCHEME FOR SENIOR CITIZENS

•           Persons of more than 60 years are called Senior Citizens.

•           Their date of birth is to be verified at the time of opening of new a/c or at the time of renewal of deposit. Subsequent verification is not required.

•           Documents from which the date of birth will be verified are SLC, LIC policy, Vote Identity Card, PPO.Birth certificate, Passport or Any other document acceptable to bank.

•           Incentive on rate of interest on FDR on or after 14.05.2001 or renewal after 14.05.2001 is available ( as per ROI= rate of interest, issued time to time)

•           For staff & ex-staff, Staff & ex staff senior citizen for TDR >180days it is 1.0 &1.25 respectively.

•           Incase of ex staff senior citizen –INCENTIVE RATE- shall be equal to his terminal benefits + Rs.10 lacs.

•           Event of death of senior citizen the deposit automatic transfers to nominee

•           No penal interest will be levied for premature with drawl of TDR on applicable interest rate.

•           Free remittance facility is available up to Rs5000/- with out any commission provided the remittance is routed through the SB/Current a/c of the senior citizen.

UCO 999: a New Medium Term Fixed Deposit Scheme for 999 Days maturities

The salient features of the captioned scheme are given below:

1.    The bank will be launching a new medium term fixed deposit product titled UCO 999 from September 10^th 2012 at all UCO Bank branches across the country.

2.    UCO 999 fixed deposit scheme offers a higher interest rate of 9.30% per annum yielding higher returns.

3.    UCO 999 would be open for a limited duration beginning from September  10^th 2012 (Monday) and up to October 31^st 2012 (Wednesday)

4.    The minimum amount of deposit under UCO 999 would be Rs 5000/- and thereafter in multiples of Rs 1000/- with a maximum outer limit of Rs 100 lac.

5.    Special incentive rate for Senior citizen, Staff/Ex-staff is as usual

6.     The new product is targeted specially for investors looking for longer maturity apart from catering to the customers who are looking to grow their funds over a medium term period.  

UCO- No Frill Savings Account

The salient features of the scheme are as follows:

1.    INITIAL DEPOSIT FOR OPENING THE ACCOUNT: The account can be opened with a minimum initial deposit of Rs. 5/-.  In case of cheque facility being availed by the account holder, the minimum initial balance should be Rs. 250/-

2.    MAINTENANCE OF MINIMUM BALANCE: The account may be allowed to go even below the minimum initial deposit and the account may continue even with “Zero” balance.

3.    Opening of Account under the scheme – The scheme is introduced in all metro, urban, semi-urban and rural categories of branches without making any differentiation with regard to amounts of initial deposit and maintenance of minimum balance as prevailing at present for opening of Savings Bank Accounts.

4.    ELIGIBILITY FOR OPENING ACCOUNT: (a) The eligibility for opening “No-frills” Account is the same as that for opening general Savings Bank Account.  (b) Minors above the age 10 and below 18 years who are able to read and write may also open a minor no-frills savings account in his own name or jointly with any other person.

5.    RESTRICTION OF NUMBER OF WITHDRAWALS: In this account up to 25 withdrawals in a half-year are allowed free.  In case the withdrawals exceed 25, during a half-year, charge will be levied @Rs.3/- per additional entry during a half-year.

6.    CHARGES TO BE LEVIED: For accounts opened with initial deposits of Rs. 250/- for having Cheque Book facility, in case the balance comes down below the initial deposit even up to zero balance, usual charge for non-maintenance of initial deposit shall be levied.

7.    Standing Instructions – No charge will be levied.

8.    Collection of cheques and issuance of Demand Drafts/MTs are permitted in those accounts and normal charges are to be levied for those services.

9.    For accounts with cheque book facility, one cheque book of 20 leaves to be provided free of charge in each year.  Any additional requirement of cheques leaves during a year will attract a charge of Rs.2/- per cheque leaf.

1.    COMPLIANCE OF KYC GUIDELINES: If a person wants to open the account and is not able to produce any of the specified documents, required to be verified at the time of opening of account to establish the identity and address, the account may be opened for that person, subject to compliance of the following: (a) Introduction from another account holder who has been subjected to full KYC procedure.  The introducer’s account with the Bank should be at least six month old and should show satisfactory transactions.  (b) Photographs of the customer who wants to open the account. (c) Address of such persons should be certified by the introducer or furnishing any other evidence as to the identity and address of the customer to the satisfaction of the bank.

Note: The customer should know that if at any point of time the balance in all his/her accounts with the bank (taken together) exceeds Rs. 50,000/- or the total credits in the accounts exceed Rs. 1.00 lakh in a year, no further transaction will be permitted in the account until full KYC procedure of the customers are complied with.

Modification in UCO Dhan-Varsha Fixed Deposit Scheme

The pattern of Deposit under UCO Dhan-Varsha fixed deposit schemes for 444 days has undergone a little modification. The maximum deposit amount of Rs. 100 lac is now enhanced up to Rs. 500 lac. There is no change in minimum amount of deposit i.e. Rs 5000/- and deposits in multiples of Rs. 1000/-thereof.

Who can introduce a Current Account?

i) Any current account holder whose account is at least six months old and is being operated in a satisfactory manner.

ii) A responsible member of the locality, know to the Manager or any officer of the branch, although the introducer himself may not be an account holder of the branch.

iii) Introductory letter from the commanding officer of the concerned military unit along with the identity card of the military personnel shall serve the purpose of introduction.

iv)  Any officer of the bank having signing power.

v) Any other confirmed staff member of the branch.

REQUIREMENT OF PERMANENT ACCOUNT NUMBER (PAN) OR GENERAL INDEX REGISTER (GIR) NUMBER WHILE OPENING CURRENT ACCOUNT

With effect from 1st November 1998, it has become obligatory on the part of Banks to obtain PAN or GIR number from the persons opening current account under the provision of Rule 114B of Income Tax Rules 1962. PAN or GIR Number is to be mentioned on the account opening form. The details of guidelines in this regard are furnished below.

i) Every prospective account holder at the time of opening current account shall be required to furnish PAN or GIR number on the account opening form.

ii) If the party is not an Income Tax Assessee, he shall have to give declaration in Form No. 60.

iii) If the party is not an Income tax assessee because he derives all his income only from agricultural sources, he shall have to give declaration in Form No. 61.

iv) Under the provision of Rule 114 B of IT Rules 1962, it would be necessary for the Bank to verify the proof of residence also at the time of opening account.

Minimum Balance Schedule: Current Account

                           Metropolitan      Urban     Semi-Urban Rural

Individuals                3000              3000      2000            1000

Others                       5000              5000     2500             2000

The bank has introduced tierised current accounts to provide additional services to the current account holder customers depending upon the average balance maintained in their current accounts. These facilities are available in all CBS enabled branches and selected fully computerized branches at present. The three tierised current accounts are namely. Basic, UCO value and UCO Premium.

Note: Though no interest can be paid on current account credit balance there are few exceptions to it. Interest is payable at Savings Bank rate on the credit balance of a deceased depositor’s account till balances are paid to the legal heirs. The system will also apply to sole proprietary firms.

UCO Bank FD schemes

In fact, in UCO Bank, three different categories of Fixed Deposit accounts are there.

a) Fixed deposits having duration of less than 6 months.

Duration of such Fixed Deposits are mentioned in “days” and the principal and interest for the period of deposit is paid in lump sum on the due date.

b) Fixed Deposits having duration of 6 months or more but up to 120 months.

Duration of such fixed deposits is mentioned in “months” and the interest on the deposit amount is paid at quarterly intervals, whereas the principal amount is paid on “due date” against the remaining balance of interest due.

c) The same type of Fixed Deposits as described in point b) above, but interest at discounted rate paid at monthly intervals, whereas the principal amount is paid on due date. 

RECURRING DEPOSIT ACCOUNT RULES

Opening of Recurring Deposit Accounts:

1. Any person approved by the Bank may open a Recurring Deposit Account upon agreeing to Comply with the rules governing such accounts.

2. A person intending to open Recurring Deposit Account must call at the Bank and sign an Application for opening such an account and declare therein that he/she has agreed to accept the Rules for the conduct of Recurring Deposit Account No. entrance fee or any special charge for the Pass Book will be levied.

Who may open Recurring Deposit Account?

3. A Recurring Deposit account may be opened:

a) By a person in his own name or jointly with other persons payable to any one or more of them or survivors. More than one account in the name of a person singly or jointly may also be opened.

b) By a natural guardian, i.e. father or mother on behalf of a minor, by guardian appointed by Court. In such a case a declaration of the date of birth of the minor will have be oe be furnished To the Bank at the time of opening the account.

c) Account as minors may be opened in their names singly provided he/she has attained the Age of 10 years and can read and write.

D) In the name of clubs, societies, associations, educational institutions, trust, firm partnership provided they are register and joint stock companies.

e) Amount of minimum monthly installment should be Rs. 50/-.

4. The Bank will not open an account which is to be operated under a cross mark, or signature by the Hand of another person.

5. The number of installments would usually be 12, 24, 36, 39, 63, 72, 84, 96 and 120 though any Installment in multiple of 3 (Minimum 12, Maximum 120) may be chosen. The interest rates on such deposit will be the same as applicable to other terms deposits under reinvestment plan for the corresponding period.

6. The installment is payable once every month. Every depositor shall pay, the deposit amount for any Month on or before the last working day of the month, failing in which a penalty will be charged on the arrear of installments @ 7.5 paisa for every Rs. 5/- per month for Recurring Deposit accounts For less than 60 months and @ 10 paisa for every Rs. 5/- per month for accounts of 60 or More months. A part of a month will be treated as full month and the amount will be rounded to Higher 5 paisa, when necessary.

7. All deposits by a local depositor should be accompanied by paying-in-slip which will be Supplied free of charge.

8. If the depositor wishes to close the Recurring Deposit account and withdraw the deposit before the expiry of the period agreed upon, interest would be allowed.

9. The period agreed upon when opening a Recurring Deposit account cannot be altered subsequently.

10. Recurring Deposit Accounts can be transferred from one branch of the bank to another.

11. Monthly installments will be accepted at one branch of the bank for remittance at par for credit of the Recurring Deposit Account at another branch of the Bank.

12. Nomination facilities are available on Recurring Deposit Accounts.

13. Simple loan may be granted on the security of Recurring Deposits up to a maximum of 75% of the amount act credit in the Deposit account with a minimum of Rs. 100/-.

14. The application for a loan shall be made in the prescribed form, the Pass Books should be sent to the Bank along with the application and the applicant shall execute a promissory note in the prescribed form supplied by the Bank. The Recurring Deposit Pass Book will be returned to the borrower after the loan is adjusted.

15. The loan of an account in joint names will be given on an application after execution of documents by all the parties to the account, unless any instruction to the contrary is being given at the time of opening the account.

16. No further loan on the security of the same deposit account will be granted while a previous loan is existing. But a new loan on the security of the same account may be granted under the following conditions.

a) The previous loan should be discharged by the new loan.

b) Interest will be charged both for the balance of previous loan discharged and for the amount of the new loan for the month in which the transaction takes place, provided however, that when the amount of the new loan exceeds the balance of the previous loan discharged by not less than Rs. 200/- no interest will be levied for the balance of the previous loan discharged for that month.

17. The Bank reserves to itself the right to refuse or close any account without assigning any reason there for.

18. The Bank reserve to itself the right to delete, add to or after these rules at any time without giving a specific and separate notice to every account holder and an announcement of the change in the rules pasted on the Notice Board in the Bank or given in the press will be considered as sufficient notice.

19. Premature Repayment: If a Recurring Deposit is required to be paid before maturity, interest payable will be one per cent less than the interest applicable for the period for which the deposit remained with the bank, interest as permissible shall be at simple rate.

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UCO TRIPLE ONE FIXED DEPOSIT SCHEME

                                             

1.       Title of the Scheme: UCO TRIPLE ONE Fixed Deposit Scheme

2.       Period of operation of the Scheme: The scheme would be open for the general public from June 12^th, 2012 and will remain valid up to July 31st, 2012. However, the Bank would reserve the right to modify, withdraw or extend the scheme without any prior notice.

3.       Eligibility to Open Account: Eligible Depositors under the Scheme would be same as eligible depositors in Fixed Deposit Scheme currently available in the Bank.

4.       KYC (Know Your Customers) Norms: 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.

5. Period of Deposit:  111 days

6. Amount of Deposit:

a) Minimum Amt. :- 5000/- (thereafter in multiples of 1000/-)

b) Maximum Amt. :- Upto  500 lac

7. Rate of Interest:  9.15% per annum (simple interest).

8. Payment of Interest: Interest will be paid only at the time of maturity along with principal with simple rate of interest effect. However, the payment/credit of interest to the account will be subject to TDS as applicable.

9. Premature Withdrawal: 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.

10. Loan/Overdraft against the Deposits:  Facility for availing loan/overdraft against ‘UCO TRIPLE ONE’ deposit scheme would be available as per existing guidelines for availing loan/overdraft against Bank’s own Fixed Deposits.

11. Nomination: The facility of nomination would be available under the scheme.

12. Payment to Nominee/ Legal Heirs:  In the event of the death of the depositor, the deposit would be paid to the nominee/legal heirs as per the existing rules.

16. Automatic Renewals: No auto renewal is permitted under ‘UCO TRIPLE ONE Fixed Deposit Scheme

17. Tax Implications: Tax would be deductible at source as per the prevailing Income Tax rules.

18. Transferability: The deposit is not transferable. However, the deposits are transferable from one branch to another branch in the same name(s) would be permissible without any charge and as per the existing Bank’s procedure.

21. Applicability of normal Fixed Deposit Rules: Other than the special terms and conditions of the scheme, the deposits under the scheme would be governed as per the normal Fixed Deposit Rules of the Bank.

UCO SUNSHINE RECURRING DEPOSIT SCHEME

UCO Sunshine Recurring Deposit Scheme (Scheme Code - TD 144) with add-on benefits like anywhere banking, standing instructions etc., is designed to give additional facilities to those customers who desire to make a SYSTEMATIC INVESTEMENT PLAN on a monthly basis with higher returns and to accumulate a pre-determined corpus in a specified period.

1.            Who can open?

a.            A person in his/her own name OR

b.            Two or more person, in their joint names.

c.             By a natural guardian, i.e. father or mother on behalf of the minor, by guardian appointed by court.

2.            Age of the Account holder

a.            Minors above 5 years represented by their Parents/Guardians.

b.            Resident Indians above 18 years of age and not exceeding 65 years as on date of opening of the accounts.

3.            Pattern of Deposit -

a.            Minimum monthly installment Rs. 500/- AND in multiples thereof.

b.            Maximum monthly installment amount of Rs. 10 lac.

4.            Period of Deposit

a.            Minimum 12 monthly installments, and thereon in the blocks 24 months, 36 months, 48 months and up to 60 months.

5.            Rate of Interest

A.            As applicable and linked to normal Term Deposit Scheme.

6.            Nomination

a.            The facility of nomination is available for USRDS Accounts.

7.            Privileges for Senior Citizens / Staff / Ex-staff

a.            Additional rate of interest (ROI) over and above applicable ROI relevant to Banks Term Deposit.

8.            Loans

a.            Loans may be granted subject to a maximum of 90% of the USRDS amount.

b.            The minimum amount of loan, shall not be less than Rs. 2500/- and at least 6 monthly installments should have been paid.

9.            Terms & Conditions

a.            All other terms & conditions applicable for existing Recurring Deposit Scheme of the Bank are also applicable to USRDS.

UCO Tax Saver Deposit Scheme – 2006

UCO Tax Saver Deposit Scheme 2006 is a Term Deposit Scheme with maturity of not less than 5 years subject to lock in period of 5 years.

Who can open the Account -

1.            An individual for himself

2.            Hindu undivided family;

3.            jointly by two adults or jointly by an adult and a minor, and payable to either of the holders or to the survivor:

In the case of deposits in joint names, the benefit under section 80C of the Income Tax Act shall be available only to the first holder of the deposit.

Amount of Deposit -

Minimum Rs.100/- and maximum Rs.1 lac in a year (1st April to 31st March).

Period of deposite and payment on maturity -

The period of deposit under the scheme shall be not less than five years.

Rates of interest on Fixed Deposits under the UCO TAX SAVER Scheme, where the deposit has to be essentially kept for a period of 5 years, will be the rate for term deposit for a period of 5 years as under:

               

	Pre Revised Rate	Revision in Rate w.e.f. 10.02.2012
Category of Depositor	Rate of Interest % pa	Rate of Interest % pa
General	9.25	9.25
Sr. Citizen	9.75	9.75
Staff/Ex-staff/Ex-staff who is also Sr. Citizen	9.75	9.75

Income Tax Benefits -

Deposit under the scheme is eligible for deduction under Section 80C of the Income Tax Act upto a maximum limit of Rs.1 lac (subject to the overall ceiling of Rs.1 lac alongwith other deductions already available under 80C)

Nomination facility- available

Transfer from one branch to another -permitted. Inter bank transfer not allowed.

Loan against the deposit and Pledging of term deposit receipt - Not allowed

Issue of Duplicate Term Deposit Receipt - Duplicate receipts may be issued in accordance with the guidelines in this regard.

Applicability of Income Tax on Interest Income - Interest on these term deposits shall be liable to tax under the Income Tax Act.