Terms and Condition: 

• Only individual 18 years and above age can open this account.
• Account can be opened jointly in the name of maximum 02 (Two) persons.
• The individual must have an account, which will be linked with the scheme account. The installment of scheme account will be automatically transferred from the link account. The customer must ensure availability of the installment in the link account on or before the 10^th day of the month.
• In case of 10^th day is holiday, next working day will be treated as last date for depositing the installment. The branches open on Saturday will not be treated as working day.
• The late payment penalty of the account will be as follows:

• No half yearly/yearly service charge will be applicable, if the link account is used only for scheme account. If the link account is used as normal transacting account, then service charge will be applicable.
• A person will be allowed to open multiple number of scheme account with a single link account. However, the installment size of the scheme will not be same for each account.
• If the account holder wants to discontinue the scheme and desires to encash the same:
  • Before completion of one year in any package, only principal amount will be refunded after deduction of excise duty.
  • After completion of 01 year but before 02 years as applicable for 2nd and 3rdpackages, s/he will be entitled to get 1% less than prevailing savings bank interest rate of 1st band on simple basis.
  • On completion of 02 years up to any maturity tenure as applicable for 3rd package, s/he will be entitled to get prevailing savings interest rate of 1st band on simple basis.
• Loan facility against deposited amount would be available as per existing SOD policy of the Bank.
• Be it a complete tenure or premature encashment, interest from the products is subject to deduction of Source Tax, Excise Duty and other levies (if any). Customer will bear all the relevant Source Tax, excise duty and other levies as per govt. laws and regulation or instruction of NBR.
• In case of default in depositing for 06 (six) months, the contract will be automatically cancelled and deposited amount will be transferred to the linked account after necessary deduction. Lien instruments will be inactive and interest accrual will be stopped.