The deposit feature and modality shall be as per the existing recurring deposit but with a tenor of 50/100/150 months and an installment of USD 100 or multiple thereof.
The customer instead for opting for the maturity value at the end of the tenor shall receive amount equal to half of monthly installment/ equivalent to the amount of monthly installment/twice of monthly installment for the rest of his life.
The administration of the account shall be exactly the same as a normal RD Account till maturity and thereafter the maturity amount shall be converted to Bank’s deposit pension corpus for investment.
The calculation behind this product is as under,
Amount USD/Installment amount USD 100
Months |
Principal Amount |
Maturity amount @ 8% |
Monthly Pension committed |
50 |
5000 |
5911 |
50 |
100 |
10000 |
14151 |
100 |
150 |
15000 |
25639 |
200 |
Any adult individual singly or jointly with one or two other adults.Minor's accounts can be opened through guardians
- Address proof by taking taskara
- Identification proof like passport, voter identity card, identity cards issued by employer.
- Introduction of existing account holder
- Latest photograph .
50/100/150 months for deposit of instalment and thereafter the account holder/s shall receive pension @ USD50/ 10 0/200 Per month or multiple thereof for rest of his/their life/lives
Any amount in multiples of USD 100 or equivalent
No maximum limit.
Transferable from one office to another.
- A penalty @10% of instalment amount per month is to be paid in any default of over one month along with arrear of instalments. If continuously 3 instalments are defaulted then the Deposit shall be termed as irregular and no further instalments shall be accepted unless the same is regularised first by paying arrear instalments and penalties thereon and authorisation is obtained from the Branch Manager.
- A depositor earns the eligibility to earn pension from next month @ half/equal or twice rate if he deposits 120%/140%/160% of total instalments at one lump sum. However 5% of deposit amount shall forfeited as administration cost if the amount is withdrawn within one year of original deposit.
- If a depositor does not complete the maturity or opts out of pension scheme after maturity he/she shall be entitled to return of his/her contribution without any interest.
- In case of a death of a depositor his nominee shall receive his contribution without any interest.
- Instalment can be paid on any day during the month .