Minimum lock-in period for all types of deposit shall be 3 months.
The interest rates for prepayment of deposits are as under:
- After three months but before six months – The maximum interest payable shall be 4% per annum for individual depositors & no interest in case of other category of depositors.
- After six months but before the date of maturity – The interest payable shall be 1% lower than the interest rate applicable to a public deposit for the period for which the deposit has run.
- If no rate has been specified for the period for which the deposit has run – 2 % lower than the minimum rate at which the deposits are accepted.
The brokerage is paid upfront for the entire period of deposits to company’s authorised agent. In case of premature withdrawal the brokerage is payable for the period completed and excess brokerage paid will be recovered from the deposit amount.
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