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
PRODUCTS YOU MAY LIKE
Fixed/Short Term Deposit
Learn MoreStar Flexi Recurring Deposit
Star Flexi Recurring Deposit scheme is a unique Recurring Deposit scheme which offers flexibility to the customer to choose core installment and to also choose monthly flexi installments in multiples of the core installment.
Learn MoreCapital Gains Account Scheme,1988
Capital Gain Accounts Scheme 1988 is applicable to eligible taxpayers who wish to claim exemption u/s 54 for capital gain .
Learn More