Last Updated on 07/11/2019
Multiple Deposit Plan II

Eligibility

Individuals either singly or jointly with two or more persons, institutions, companies, firms, societies, Traders, Professionals, salaried individuals etc.

Minimum Deposit Amount: Minimum deposit amount Rs: 10000/- and in multiples of Rs.1000/-

Minimum & Maximum Period: 6 Months to 120 Months

Payment of Interest: Quarterly compounding and paid at the time of maturity

Remarks:

  • Each remittance is accepted for identical period
  • The amount of the deposit the customer wishes to deposit, may be split into convenient units and held as different remittances under the same MDA
  • The depositor has the option of making any number of deposits under the same account and each remittance will be deemed as a separate deposit
  • Maturing after the agreed period
  • Separate deposit receipt is not issued for each deposit but a pass book is issued showing each remittance with interest rate, due date and maturity value
  • If the depositor wants to take back a part of his deposit amount the required number of units can be closed and repaid while the remaining amount remains intact and earns interest.