Term Deposit Scheme: Motor Accident Claims Annuity (Term) Deposit Account- IOB MACAD Eligibility: Individuals including Minors through Guardian in single name (Based on court order) Purpose One lump sum amount, as decided by the Court / Tribunal, deposited to receive the same in EMIs, comprising a part of the principal amount as well as interest Rate of Interest As applicable to regular term deposit account based on tenure Nature of Deposit and Deposit amount Annuity (Term) Deposit Account Minimum: Based on minimum monthly annuity payout of Rs. 1000/-for the relevant period Maximum: No Limit Period of Deposit 1. 36 Months to 120 Months 2. In case the period is less than 36 months, normal FD to be opened Receipts / Advices Deposit Receipts will not be issued to the claimant Passbook or Statement containing Deposit account Number, Amount, Date of Maturity etc. will be issued in lieu of deposit receipt. Nomination Permitted Loan Facility No loan or Overdraft shall be allowed Premature Closure / Part lump-sum payment Premature closure or part lump-sum payment of MACAD during the life of the claimant can be made with permission of the Court. However, if permitted, the annuity part will be reissued for balance tenure and amount, if any, with change in annuity amount Premature closure penalty will not be applicable TDS (i) Interest payment is subject to TDS as per Income Tax Rules. Form 15G/15H can be submitted by the Depositor to get exemption from Tax deduction (ii) The annuity amount on monthly basis net of TDS will be credited to the MACT Savings Bank account.
Term Deposit Scheme: Motor Accident Claims Annuity (Term) Deposit Account- IOB MACAD
Eligibility:
Individuals including Minors through Guardian in single name (Based on court order)
Purpose
One lump sum amount, as decided by the Court / Tribunal, deposited to receive the same in EMIs, comprising a part of the principal amount as well as interest
Rate of Interest
As applicable to regular term deposit account based on tenure
Nature of Deposit and Deposit amount
Annuity (Term) Deposit Account
Minimum: Based on minimum monthly annuity payout of Rs. 1000/-for the relevant period
Maximum: No Limit
Period of Deposit
1. 36 Months to 120 Months
2. In case the period is less than 36 months, normal FD to be opened
Receipts / Advices
Deposit Receipts will not be issued to the claimant
Passbook or Statement containing Deposit account Number, Amount, Date of Maturity etc. will be issued in lieu of deposit receipt.
Nomination
Permitted
Loan Facility
No loan or Overdraft shall be allowed
Premature Closure / Part lump-sum payment
Premature closure or part lump-sum payment of MACAD during the life of the claimant can be made with permission of the Court. However, if permitted, the annuity part will be reissued for balance tenure and amount, if any, with change in annuity amount
Premature closure penalty will not be applicable
TDS
(i) Interest payment is subject to TDS as per Income Tax Rules. Form 15G/15H can be submitted by the Depositor to get exemption from Tax deduction
(ii) The annuity amount on monthly basis net of TDS will be credited to the MACT Savings Bank account.