Home >> Deposits >> Money Multiplier Deposit Certificate (MMDC)
Multiply Your Deposits The interest accrued gets added back to the principal giving you an effective interest rate that is higher than the contracted interest rate. This is an ideal scheme to increase your deposits exponentially.
♦ Amount of deposit You can deposit a minimum amount of Rs. 100/- and multiples of Rs. 100/-.
♦ Period of deposit You can open an account for a minimum period of 6 months and upto a maximum of 120 months.
♦ Rate of interest The rate of interest shall be the appropriate rate prevailing on the date of the deposit for the period so selected.
♦ Deposit certificate After opening of the account in the ledger, you will be issued a printed certificate (money multiplier deposit certificate) with full particulars filled in such as Sr. No., Your name, amount of deposit, period of deposit, date of deposit, due date of deposit, interest rate of deposit and maturity value etc.
♦ Premature payment Payment before maturity is available as per prevailing rules.
♦ Loan/advance against deposits Loan/advance facility is available under the scheme as per Prevailing rules.