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Double Deposit Plan

  • Double Deposit Plan (DDP) is an amalgam of Fixed Deposit Scheme and Recurring Deposit Scheme.
  • The interest payable on Fixed Deposit is compounded at quarterly intervals.
  • The product is available at all CBS branches.

  • The DDP provides a higher yield to the depositors at the end of the stipulated period. Although the interest payable is compounded quarterly, it is paid along with the principal only at the end of the stipulated period.

  • The accounts under DDP may be opened in the names of :-
  • Individual - Single Accounts

  • Two or more individuals - Joint Accounts

  • Sole Proprietary Concerns

  • Partnership Firms

  • Limited Liability Companies

  • Association, Clubs, Societies, Trusts, etc.

  • Minors, Blind Persons, Illiterate Persons

  • Joint Hindu Families

  • Municipalities, Panchayats, Govt. & Quasi Government Bodies

  • Religious, Educational, Charitable Institutions, etc.

  • The minimum amount is restricted to Rs.1,000/- and higher amounts in multiples of Rs.1,000/- are also accepted.

  • The maximum period for which deposits under DDP can be accepted is restricted to 120 months just like in the case of other term deposits.

  • Interest in each of the individual accounts of the deposits under Double Deposit Plan is calculated on quarterly compounding basis.TDS on interest will be deducted as per guidelines issued by Govt. of India from time to time. Senior citizens will be paid additional rate of interest as per applicable rates.

  • Overdue interest on renewal of fixed deposit issued under DDP may be paid. The overdue interest should be calculated on the maturity proceeds i.e. the principal amount plus interest accrued on quarterly compounding basis.

  • Loan facility is available against pledge of DDP Receipt observing the prescribed procedure for such loans.

  • For more details,please contact the Allahabad Bank nearest to you