This article offers a brief summary of the key aspects of the Indian Overseas Bank‘s MACAD schemes. Since these details are subject to frequent updates, please refer to the bank’s official website for the most current information on features and interest rates.
IOB Bank – MACAD Features:
- Account Nature and Deposit Amount Annuity (Term) Deposit Account Minimum: Corresponding to a minimum monthly annuity payout of Rs. 1000/- for the relevant period Maximum: No Limit Deposit Period
- 36 Months to 120 Months
- If the period is under 36 months, a regular FD will be initiated The premature closure or partial lump-sum payment of MACAD during the claimant’s lifetime requires Court permission.
- If allowed, the annuity portion will be reissued for the remaining tenure and amount, if any, adjusting the annuity amount accordingly. There are no penalties for premature closure.
- Interest payments are subject to TDS as per Income Tax Rules. Depositors can submit Form 15G/15H for exemption from Tax deduction.
How to invest?
Click here to invest in the Indian Overseas Bank’s MACAD schemes.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank/institution.