KEY FEATURES OF CENT-ASPIRE DEPOSIT SCHEME:
|Scheme Launch Date
|Type of Deposit
|The Deposit shall be accepted in 3 variants, viz.
|Who can deposit
|Only individual/s above 18 years of age. The deposit can be opened either in single name or in joint names with appropriate operating instructions. However, free Aspire Credit Card shall be issued to first named depositor only. This product will not be available to minors and non-individual (impersonal) customers such as proprietorship firm, partnership firm, HUF, Private/Public Limited Company, Trusts, Educational Institutions, etc.
|Minimum Rs.20,000/- and thereafter, in multiples of Rs.1000/-.
There will be no maximum amount.
|Deposit Period (tenor)
|Minimum: 1 year and above in multiples of 3 months, i.e. 15 months, 18 months etc. with auto renewal option.
Maximum: 10 years.
Preferable tenor: 3 years and above, as the Aspire Credit Card is valid for 3 years. Initially, the deposits are accepted for maturities of 1 year and 3 years only. Other maturities will be introduced later on in a phased manner.
|All deposits under the scheme will be under auto-renewal mode. They will be renewed for a similar period on maturity of deposit, so that there is no loss of interest to the customer. Auto renewal option is mandatory and is built-in into the scheme in CBS.
|Rate of Interest
|The deposits under the Scheme will attract interest at the prevailing card rate. Additional interest will be paid for Senior Citizens & Staff as per existing norms. Separate Product Codes will be provided for deposits of Senior Citizens and Staff. Branches should select appropriate product code while opening the account.
|KYC compliance/documentation shall be applicable as per extant norms.
|Nomination facility is available.
|Loan against deposit
|No loan or overdraft will be available / sanctioned against the deposit product.
|Conversion of existing deposits
|Not allowed; Only fresh deposits can be accepted under the scheme. The scheme is meant for mobilizing additional deposit and not for conversion of existing deposit.
|Lien on Deposit
|All deposits under the scheme will be under auto-lien for the Aspire Credit Card. Lien will be for the principal amount of deposit in case of MIDR/QIDR. Lien will also be printed on the face of the deposit. The deposit receipt can be handed over to the customer, though Bank will have lien on the deposit amount.
|Payment of interest for MIDR / QIDR
Interest on MIDR / QIDR will be paid as under normal schemes. There will be no lien on the interest payable periodically.
|Premature withdrawal is permitted, subject to adjustment of card dues in full and surrender/blocking of the Aspire Credit Card. However, the interest payable for such premature withdrawals will be as per our instruction Circular no. 1124 dated 27th April 2013, viz
Please refer procedure explained “Other Operational aspects” herein below