Product Nature

• This is a Recurring Deposit product enabling the customer to make regular savings on monthly basis and earn higher interest.

Customer Segment

• Individuals in their single / joint names.
• Minors of age 10 years and above jointly with their parents / natural guardians.
• Minors below 10 years age through their parents.

Minimum / Maximum Amount

• There is no minimum balance requirement in the account and as such no service charges shall be levied towards this.

Maximum Amount

• “Gen-next Suvidha” Account can be opened with monthly installments of Rs.100/- or above & in multiples thereof with a maximum of Rs.10, 000/- per month.
• The number of installments can range from 12 to 120 months (In multiples of 3 months).
• The depositor shall, at the time of opening the account, stipulate the amount of core monthly installment and the number of installments payable by him which shall not subsequently alter.
• The depositor is given an option to deposit higher monthly installment in the account as and when available and the maximum amount should not exceed Rs. 10,000/- per month. However, monthly installments paid during the time gap of less than 24/12 months (depending upon the period chosen) at the ending stage of the account’s tenure, shall not exceed in any month three times the core monthly installment or Rs. 10,000/- whichever is less.

Rate Of Interest

As decided by bank from time to time for Term Deposits of same tenure.

Loan Against Deposit

• Loan can be considered against the deposit in the account in accordance to normal guidelines for advances against Recurring Deposit.
• Interest shall be charged on such loan at the rates advised from time to time on Loan against Bank’s Own Deposits.

For detailed information on the benefits you can avail of, and terms and conditions to follow for the same, CLICK HERE.