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Open Account

GB Special Deposit

 

The deposit features and modality shall be as per the existing term deposit scheme with a tenor of 3 months to 3 years and a minimum deposit amount of USD 1000 or equivalent.

The customer shall get interest every month in case of deposits of 3 months & 6 months & quarterly in case of deposits over six months.

The administration of the account shall be exactly the same as a normal term deposit.

Features of the scheme
  1. Who can open? : Any adult individual singly or jointly with one or two adults & corporates.Minor's account can be opened through guardians.
  2. Minimum Amount: USD 1000 or equivalent

  3. Maximum Amount: Any amount in multiple of USD 1000 or equivalent

  4. Maturity period     : Minimum: 3 Months
    Maximum: Three years

  5. Rate of interest:
    3 Months: 7 % p.a
    6 Months: 7.25 % p.a
    1 Year       : 7.50 % p.a
    2 Years      : 7.60 % p.a
    3 Years      : 7.75 % p.a

  6. Interest shall be paid monthly for deposits of 3 & 6 months whereas for others interest shall be paid quarterly

  7. 6. Other Conditions

    1. Penalty for closure before maturity: No interest shall be paid if the account is closed before three months. After three months interest shall be paid as applicable to the period for which the deposit has completed. For example if a deposit was initially for 3 year but is closed after six months then it shall earn interest as applicable for six months & excess interest if any paid shall be recovered.
    2. In case of death of the depositor, the account shall stand terminated & total amount deposited together with interest as per scheme shall be paid to legal heir as per law prevalent in the country.
    3. All other requirements like obtaining identity proof, address proof, obtaining of photograph etc as in case of savings account & FD accounts are to be followed at the time of opening of the account.
    4. Interest payable on the scheme shall be subject to deduction of Government Taxes/Levies/Surcharges if any applicable from time to time
Requirements