ADVANCE AGAINST BANK DEPOSITS

ADVANCE AGAINST BANK DEPOSITS

FEATURES

1. Advance against term deposits / recurring deposits will be 90% of face value plus accrued interest if period of deposits is up to 36 months and 85% if period of deposits is up to 36 months.
2. Rate of Interest will be 1% above the rate of deposits and 2% in case of 3rd party advances.
3. In case advance is allowed on Term Deposit with quarterly interest payment, future interest pay outs will be credited in loan A/c.
4. Advance will also be granted against term deposits / recurring deposits in the name of minor, provided a declaration to the effect made by the guardian that the amount so advanced should be utilized for the benefit of minor.