Looking for a simple and flexible savings option? The Uttar Bihar Gramin Bank’s Quarterly Deposit Scheme might be just what you need. We’ll explain it in plain terms without all the financial jargon.
Table of Contents
Eligibility
- Individual and joint account holders are eligible, including minors above 10 years. However, there should be no more than four joint account holders.
Investment
- You can start with a minimum deposit of ₹1,000, and there’s no maximum limit (yes, you heard it right!).
Deposit Tenure
- Choose a tenure that suits you, 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 quarterly.
TDS on Interest
- TDS (Tax Deducted at Source) applies as per income tax rules.
Nomination Facility
- Nomination facilities are available for account holders in individual, joint, and ownership accounts. However, it’s not available for minor accounts.
Premature Withdrawal
- Premature withdrawal is allowed with applicable interest rate reductions. But keep in mind that 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 straightforward way to save, consider the Uttar Bihar Gramin Bank’s Quarterly Deposit Scheme. It’s designed to make your financial life easier and more rewarding. Get started today!