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Under the directions of Hon’ble High Court of Delhi directions and as advised by IBA, we have formulated a New Product named “MACAD (Motor Accidental Claimant Annuity Deposit” and “MACT SB A/c (Motor Accidental Claims Tribunal SB A/c).
MOTOR ACCIDENT CLAIMS TERM DEPOSIT
| Sr. No. | Scheme Features | Particulars / Details |
|---|---|---|
| 1 | Purpose | One time lump sum amount, as decided by the Court / Tribunal, deposited to receive the same in Equated Monthly Installments (EMIs), comprising a part of the principal amount as well as interest. |
| 2 | Eligibility | Individuals including Minors through guardian in single name. |
| 3 | Mode of Holding | Singly |
| 4 | Type of account | Motor Accident Claims Annuity (Term) Deposit Account (MACAD) |
| 5 | Deposit Amount | i. Maximum: No Limit ii. Minimum: Based on minimum monthly annuity Rs. 1,000/- for the relevant period. |
| 6 | Tenure | i. 36 to 120 months ii. In case the period is less than 36 months, normal FD will be opened. iii. MACAD for longer period (more than 120 months) will be booked as per direction of the Court. |
| 7 | Rate of interest | Prevailing rate of interest as per Tenure. |
| 8 | Receipts/ Advices | i. No Receipts will be issued to depositors. ii. Passbook will be issued for MACAD. |
| 9 | Loan Facility | No loan or advance shall be allowed. |
| 10 | Nomination facility | i. Available. ii. MACAD shall be duly nominated as directed by the court. |
| 11 | Premature Payment | i. Premature closure or part lump sum payment of MACAD during the life of the claimant will be made with permission of the court. However, if permitted, the annuity part will be reissued for balance tenure and amount, if any, with change in annuity amount. ii. Premature closure penalty will not be charged. iii. In case of death of the claimant, payment to be given to the nominee. The nominee has an option to continue with the annuity or seek pre-closure. |
| 12 | Tax deduction at source | i. Interest payment is subject to TDS as per Income Tax Rules. Form 15G/15H can be submitted by the Depositor to get exemption from Tax deduction. ii. The annuity amount on monthly basis net of TDS will be credited to the MACT Savings Bank account. |
MACT CLAIMS SB ACCOUNT
| Sr No | Features | Particulars / Details |
|---|---|---|
| 1 | Eligibility | Individuals including Minors (through guardian) in single name. |
| 2 | Minimum/ Maximum Balance Requirement | Not applicable |
| 3 | Cheque book / Debit Card / ATM Card/ Welcome Kit/ Internet Baking / Mobile Banking facility | i. By default, these facilities are not available in this product. ii. However, in case these facilities have already been issued, the court shall direct the bank to cancel the same before the disbursement of the award amount. iii. The bank shall make an endorsement on the passbook of the claimant(s) to the effect that no cheque book and/or debit card have been issued and shall not be issued without the permission of the Court |
| 4 | Operations in the account | i. Only single operation. ii. In case of Minor accounts, the operation will be through guardian. |
| 5 | Withdrawals | Only through Withdrawal Forms or through Bio-Metric authentication. |
| 6 | Product change | Not permitted |
| 7 | Place of Opening | Only at the Branch near to the place of residence of Claimant (as directed by the Court). |
| 8 | Account Transfer | Not allowed |
| 9 | Nomination | Available, as per Court Order. |
| 10 | Passbook | Available |
| 11 | Rate of Interest | As applicable to Regular SB accounts |
| 12 | Statement by e-mail | Available |
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