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CENT SURAKSHA DEPOSIT

1 Name of the Deposit Scheme CENT SURAKSHA DEPOSIT -
1. CENT SURAKSHA DEPOSIT (PMSBY)- RS.177/-
2. CENT SURKSHA DEPOSIT YOJNA(PMSBY/PMJJBY)-
RS. 4317/-
2 Special Features The scheme is Fixed Deposit product, with distinct features.
Customer himself or Giftee who receives Gift Cheque/DD will deposit the amount either for Rs. 201/- and/or Rs.5001/- in her/his Saving account. By keeping the premium for first and second year Rs.177/- ( in case of GC /DD of Rs.201) or Rs.4317/- ( in case of GC /DD of Rs.5001) will be transferred to CENT SURAKSHA DEPOSIT (PMSBY) or CENT SURAKSHA DEPOSIT YOJNA ( PMSBY/PMJJBY)
3 Eligibility Individuals (singly) As per eligibility under PMSBY/PMJJBY Scheme, Proprietorship , Partnerships, , Institutions clubs/trust/societies, corporate etc not eligible.
4 Rate of Interest Interest rate will be as per prevailing term deposit card rate. Interest to be compounded quarterly but paid annually by crediting the account of giftee, in which mandate for transfer of premium towards PMSBY/PMJJBY obtained. Yearly Interest so credited in the saving account will be premium towards PMSBY/PMJJBY as the case may be. Additional interest is applicable to -

Category Additional interest
Senior citizen 0.5%
Staff /ex-staff /widow-widower of staff 1.0%
Ex staff cum Senior citizen 1.5%

5 Period of Deposit 5 to 10 years.
6 Tax Treatment TDS as applicable.
7 Liquidity Premature closure allowed. However, bank will be not liable for payment of future premium. It will be the responsibility of giftee to provide adequate funds in the saving account with the bank for timely remittance of premium through auto debit authority.
8 Penalty *Penalty for premature Closure – No penalty as amount is below Rs.5 lakh. ( * Interest at the rate applicable for the period deposit remained with the bank ) However, in case of before maturity and/or deduction of TDS, if interest is paid at higher rate in the account, recovery if any towards the yearly interest already paid will be recovered through maturity proceeds.
9 Nomination Facility Available
10 Maturity Minimum 5 to 10 years.
11 OVER DUE Deposit Interest on overdue deposit will be paid as per prevalent policy of the bank from time to time
12 Customers obligation Completion of KYC norms and submission of complete information as required.
13 Grievance Resolution/ Compensation Grievance Resolution/Compensation policy available on website
14 Account Opening Forms / Pay slips Existing account opening forms /Pay slips / Deposit Receipt for the Regular Deposit Scheme to be utilized for these accounts
15 Mode of Receipt of Funds in FDR Only through Saving account in which Gift cheque/ DD deposited by customer ( giftee ) who received from her/his relative under Suraksha Deposit Yojana for Rs.201/- and Rs.5001/- However, existing customer of the bank or new customer individually enroll himself for the scheme. Branch will collect/deposit the Gift Cheque/ DD instrument in existing saving account of the giftee or new SB/ BSBDA account with KYC norms dully complied.Aadhar would be the primary KYC for the bank account. Branch should invariably obtain consent cum declaration form of PMJJBY/PMSBY as the case may be along with Fixed Deposit application and separate mandate authorizing bank to credit the yearly interest to her/his saving account & in case of premature payment, bank will not be liable for future premium. It will be the responsibility of giftee to provide adequate funds in the account for timely remittance of premium through auto debit authority. Branch will immediately link the account for payment of premium towards the PMSBY/PMJJBY.
16 Mandate to be given along with Fixed Deposit application I ,Ms/Mrs/Mr____________________ beneficiary of GC/DD for Rs. 201/- or Rs.5001/- hereby declare that I am eligible under PMSBY/PMJJBY scheme and not enrolled myself as beneficiary under PMSBY/PMJJBY with any other bank. I hereby submit Application cum Declaration Form of PMSBY/PMJJBY and authorize the bank to transfer the yearly interest in my Saving account No_____________ towards the premium for PMSBY/PMJJBY scheme from the FDR prepared under the Suraksha Deposit Scheme. I further declare that in case of pre- mature payment of FDR , bank shall not be liable for future premium.
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