Indian Bank Savings Certificate
Planning for the future can be a hard task, with no guarantee as to what might come in our way. Financial planning can go a long way in easing any problems one can encounter, ensuring that money doesn’t turn our life upside down.
Indian Bank offers a Savings Certificate scheme, which in essence is a reinvestment plan deposit designed to aid your future.
Eligibility Criteria for IB Savings Certificate
Anyone who wishes to be a part of this plan deposit needs to satisfy the following eligibility criteria.
- Individual: This account can be opened by an individual either jointly or in a single name.
- Minors: An account can be opened by a guardian or parent on behalf of a minor.
- Organisations: Groups such as sole-proprietorship organisations, trusts, partnership firms, limited companies, clubs, associations, schools, societies and government bodies can open this account.
- Minimum Amount: The account can be opened with a minimum deposit of Rs 1,000/-.
Also, Check - Fixed Deposit
Features of Indian Bank Savings Certificate
Account Type | Single/Joint |
Amount | This account can be opened in 5 denominations,
|
Rate of Interest | 7.70% compounded annually |
Period/Tenure | 6 years |
TDS | Applicable as per rules enforced |
Loan against IB Savings Certificate | Loan can be availed |
Nomination | NA |
Auto Renewal | NA |
Other Fixed Deposit Schemes Offered by Indian Bank
FAQs on Indian Bank Savings Certificate
- How is interest calculated and credited under this plan?
Under this plan the interest is compounded, with the deposit earning cumulative compound interest annually.
- Is premature closure allowed under this plan?
Premature closure depends on the policies followed by the bank at a particular time, with the current guidelines deciding its status.
- How much can a particular initial investment amount to at maturity?
The amount one gets at maturity depends on the interest rate one is entitled to. For example, a sum of Rs 10,000 would amount to Rs 15,164 if the scheme is utilised by a member of the general public, Rs 15,618 if a senior citizen opts for this scheme and Rs 16,084 if it is a staff member.
- Which forms should an individual provide to aid the TDS process?
The bank accepts Form 15G/H to aid the TDS process, as per the guidelines laid down.
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