CUMULATIVE DEPOSITS
- Payment of fixed amount for a fixed period.
- Interest is accumulated quarterly and customer gets compounded interest together with principle on the due date.
- Minimum amount is Rs. 500/-
- Minimum period of 1 year and maximum of 10 years.
- Interest is automatically ploughed back in to the deposit on quarterly basis.
- This helps depositor to earn interest on interest. Loan can be granted up to 85% of the deposit amount against pledge of above Certificates.
- Form 15G/H Should be Submitted in the month of april of every financial year without fail. If deposit interest earned Rs 10,000 & Above or else TDS will be Deducted.
- Copy of PAN Card should be Submitted by the depositors.
