One time lump sum amount, as decided by the Court/Tribunal, deposited to receive the same in Equated Monthly Installment (EMIs), comprising a part of the principle amount as well as interest.
Bank shall make an endorsement on the passbook of the claimant(s) to the effect that no cheque book and/or Debit Card, Internet Banking or mobile Banking facility will be allowed in MACT claims SB account without permission of the court.
Accounts to be opened in Branch near the residence of claimant (as directed by court).
Types of Account:
MACT Claims SB AccountSpecial Savings Bank account opened in the name of claimant for the purpose of depositing the claim amount in a special Term deposit account known as MACAD. The amount will be received by the claimant from the Bank in equated monthly installments (EMI) comprising of Principal and interest through this SB account over a certain period as decided by the Court.
Motor Accident Claims Annuity Deposit (MACAD)Special Term Deposit account opened for the purpose of depositing one time lump sum amount as decided by the Court/Tribunal as compensation to the motor accident victims.
Operation in MACT/ MACAD -Singly or through guardian in case of minors.
MinimumMACT SB : Nil
MaximumNo upper Ceiling.
Tenure of MACAD -Maximum: As decided by the Court.
Account Transfer & Product Change -Not permitted.
Issue of Passbook -Passbook will be issued for MACT SB.
Issue of Receipt -No receipt will be issued to the depositor.
Nomination Facility -Available. MACAD shall be duly nominated as directed by court.
Loan Facility -No loan or advance is allowed.
Premature closure or part lump sum payment allowed with permission of Court.
No penalty levied for premature closure.
Nominee may continue with the annuity or seek pre-closure on death of claimant with permission of Court.
Individuals including minors through guardianship in single name.
Rate of Interest :
MACT- SB - As applicable to regular Savings Bank account.
Upto 10 years: Prevailing rate of interest as per tenure.
Above 10 years: Interest Rate as applicable to 10 year Term Deposit.
Interest payment/annuity on monthly basis is subject to TDS deduction if applicable. 15G/15H can be submitted to get exemption.