Want a simple and flexible way to grow your savings? Look no further than the Uttar Bihar Gramin Bank’s Short Term Deposit Scheme. We’ll break it down in plain language, no financial jargon involved.
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, ranging from 7 days to 179 days.
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%.
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 and joint accounts. However, it’s not available for minor accounts.
Premature Withdrawal
- Premature withdrawal is allowed. There is no penalty for withdrawals up to ₹2,00,000. But for amounts exceeding this, there’s a 1% penalty on the interest rate.
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 for the short term, consider the Uttar Bihar Gramin Bank’s Short Term Deposit Scheme. It’s designed to make your financial life easier and more rewarding. Get started today!