This article offers a brief summary of the key aspects of the South Indian Bank’s MAX PLUS-Non Callable Deposit 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.
South Indian Bank – MAX PLUS-Non Callable Deposit Features:
- Deposits within the range of Rs. 1,00,00,001 to below Rs.
- Two Crore are permissible for specific tenures only.
- These deposits offer both Cumulative and Simple interest schemes.
- For monthly deposit schemes, interest is calculated quarterly and paid monthly at a discounted value.
- Premature closure is limited to exceptional circumstances like court or statutory attachments, the depositor’s demise, insolvency, etc.
- There’s a pre-closure penalty of 2%, higher than the standard rate for normal term deposits.
- The applicable rate of interest on pre-closure is the contracted rate minus the penalty of 2%, or the contracted rate minus 2%, whichever is lower.
- For NRE deposits closed prematurely before one year, no interest will be credited in accordance with RBI directives.
- Loans are accessible based on the features of existing Term Deposits.
- TDS and all other features remain consistent with other Term Deposits.
How to invest?
Click here to invest in the South Indian Bank’s MAX PLUS-Non Callable Deposit 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.