Triple Money Deposit (TMD) Scheme
It is a deposit product for a specific period of 11 years 3 Months. On completion of term, the principal amount will be tripled and the depositor will get triple of deposited amount.
Features & Benefits:
- A person having a sound mind can open the saving scheme account singly or jointly or in the name of any institution.
- The account holder can avail credit facility up to maximum 90 of the deposit amount against lien on the balance amount of the respective account at 2.00 higher than the deposit scheme rate.
- Premature encashment may be allowed only after expiry of minimum 3 (three) months. In such cases, interest will be calculated at least 2.00 less than the prescribed rate, which will be applicable for the period completed.
- The interest is payable subject to deduction of excise duty, withholding tax etc. as imposed by the government from time to time.