Savings Account Scheme: MACT claims SB Account- IOB MACT SB
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Name of the Product
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IOB MACT SB Account for Individuals including Minors through Guardian in single name. Based on order of the Court.
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Mode of operation
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(i) Only single operation
(ii) In case of Minor accounts, the operation will be through Guardian.
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Nomination
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Permitted
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Scheme Change
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Not permitted
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Minimum Balance
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No Minimum balance specification
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Rate of Interest
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As applicable to regular savings account
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Cheque Book / Debit Card / ATM Card / Welcome Kit / Internet Banking / Mobile Banking facility
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These facilities are not available in this product.
An endorsement will be made on the passbook of the claimant (s) to the effect that no cheque book and / or debit card have been issued and shall not be issued without the permission of the Court.
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Withdrawals
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Only through withdrawal forms or through Biometric authentication.
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Nomination
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Permitted
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Purpose
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MACT SB account is necessary to receive the monthly annuity and interest from MACAD deposit maintained with our Bank or any other Bank.
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