Current Deposits Plus Scheme

Current Deposits Plus Scheme (w.e.f. 01.12.2021)

  • A deposit product combining Current & Short deposit account with ‘ sweep-in’ and ‘sweep-out’ facility to take care of withdrawals, if any.
  • Available at all branches.
  • Facility available to Current Deposit Account of Corporates, Proprietorship, Partnership, Individuals, Schools, Colleges and other institutions (other than Banks).
  • Minimum average quarterly balance of Rs.5,00,000/- in Current Deposit Account and Rs.1,00,000/- in Short Deposit Account to be maintained initially.
  • Amount in excess of Rs.5,00,000/- will be transferred to the Short Deposit portion in multiples of Rs.1,00,000/- for a minimum period of 7 days and maximum period of 90 days
  • To meet urgent requirement of funds in the Current Deposit Account portion, funds in multiples of Rs.1,00,000/- will be swept-in from Short Deposit portion on last-in first-out (LIFO) basis subject to availability of funds
  • Interest will be payable on Short Deposit portion only as per maturity period.
  • Payment before maturity will be allowed without penalty, to meet shortfall if any, subject to availability of fund.
  • Penalty charges of Rs.1,000/- per quarter will be levied where the average quarterly balance in Current deposit account falls below the minimum AQB requirement of Rs. 5 lakhs
  • TDS as applicable.
  • Sweep out from current to short deposits will only be an 1st & 16th of every month
  • Automatic renewal facility for original tenure and amount of deposit.
  • The accounts under this scheme shall be available for tierisation and benefits & modalities of respective category of tierised account shall be applicable