Are you looking to multiply your savings while keeping your investments flexible? Look no further than UBGB’s MONEY MULTIPLIER DEPOSIT CERTIFICATE. We’ll break down this savings option without diving into complex financial jargon.
Table of Contents
Eligibility
- This scheme is available for individual and joint account holders (up to four individuals), minors (aged 10 years and above), guardians on behalf of minors, HUF, partnerships, companies, associations, societies, schools, etc.
Investment
- The minimum deposit is ₹1,000, and there’s no maximum limit.
Deposit Tenure
- You can choose a deposit period between a minimum of 6 months and a maximum of 120 months.
Interest Rates
- The applicable interest rates can be obtained from the branch.
Additional Interest Rates
- Senior citizens enjoy an additional interest rate of 0.5%.
- Staff, former staff, staff’s widow/widower, and former staff senior citizens get an additional interest rate of 1.5%.
Interest Payment Frequency
TDS on Interest
- TDS (Tax Deducted at Source) is applicable as per the rules.
Nomination
- Available for both individual and joint accounts, but not for minor accounts.
Loan Facility
- You can avail a loan of up to 90% against your deposit.
Penalties
- No penalties for premature closure before maturity. However, a 1% reduction in the interest rate is applied to deposits over ₹2 lakhs.
Renewal
- In case of no instructions, the deposit will be renewed for the same duration it was initially made for.
Tax Savings Deposit
- To avail of tax-saving benefits, depositors must submit Forms 15G/15H annually before April 15th with their signatures and complete deposit details.
UBGB’s MONEY MULTIPLIER DEPOSIT CERTIFICATE empowers you to maximize your savings with flexible investment options and competitive interest rates. Secure your financial future with UBGB today!