Sahabhag Account

• Who can Invest

- Any Individual, Society, HUF, Club, School, Partnership firms, Pvt. Ltd. & Ltd. Cos. etc.

• How to Open Account

- By our account opening form.

• Min. & Max. Lock-In Period

- Minimum lock in period - 5 Years and 6 Month.

• Minimum investment

- Minimum of Rs. 50,000.00 and thereafter in multiples of Rs. 10,000/- each.

• Premature Withdrawal

- Not Allowed.

• Loan Facility

- Not Allowed.

• T.D.S.

- Applicable as per Income Tax directives.


Terms & Conditions

• Rate of Interest @ 9% p.a., payable half yearly on 1st April and 1st October every year, till the date of maturity.

• No extra interest will be paid to Senior Citizen, existing Shareholders & staff members.

• Interest on unclaimed L.T.D. will not be paid after date of maturity.

• Option of cumulative deposit is not available.

• Tax will be deducted at source, from the interest accrued / paid as per the extant provisions of Income Tax act. No tax will be deducted at source from the amount of interest accrued / paid to the shareholders of the Bank and / or on submission of 15H or 15G Forms in advance, as per extant guidelines.

• LTDs will mature for payment after 66 months (5 years and 6 months) from the date of issue.

• Bank reserves right of “ Put & call Options” (i.e. repayment of LTDs before date of maturity at the option of the Bank). Investors will not have “Put Option” (i.e. withdrawal not allowed before maturity) and Bank will not have “Step up Option”.

• LTD Receipts are non transferable.

• Repayment of LTDs at maturity will be made only after obtaining prior approval of Reserve Bank of India.

• Duplicate LTD receipt will not be issued if the original is lost or stolen.

• Acceptance of deposits under LTD Scheme will be stopped by the Bank on receipt of the total amount of Rs. 35.00 crores.
• Deposit insurance not applicable.

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