Are you looking for a simple and flexible savings plan that suits your needs? Look no further than the Uttar Bihar Gramin Bank’s Monthly Interest Deposit Scheme. Let’s get straight to the point without all the financial jargon.
Table of Contents
Eligibility
- Individuals and joint account holders, including minors above 10 years, are eligible to open an account.
Investment
- You can start with a minimum deposit of ₹1,000, and there’s no maximum limit (yes, you read that right!).
Deposit Tenure
- The deposit tenure can range from a minimum of 12 months to a maximum of 120 months (in multiples of 3 months).
Interest Rates
- The interest rate is based on the prevailing rate for the chosen tenure.
Additional Interest Rates
- Senior citizens receive an extra 0.5% interest, while staff, former staff, and their widows/widowers enjoy an additional 1.0%.
Interest Payment Frequency
- Interest is compounded and deposited into your account monthly.
TDS on Interest
- TDS (Tax Deducted at Source) applies as per income tax rules.
Nomination Facility
- Nomination facilities are available for account holders, except for minor accounts.
Premature Withdrawal
- Premature withdrawal is allowed with applicable interest rate reductions. However, a 1% penalty applies to deposits above ₹2,00,000.
Renewal of Deposits
- In the absence of renewal instructions, the deposit will be automatically renewed for the same duration.
Loan Against Deposit
- You can avail a loan of up to 90% of your deposit amount.
So, if you’re looking for a hassle-free savings option, consider the Uttar Bihar Gramin Bank’s Monthly Interest Deposit Scheme. It’s designed to make your financial life easier and more rewarding. Get started today!