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MONTHLY INCOME PLAN

Moneys invested under this plan provide fixed monthly income by way of interest to the depositor for a specified period leaving the amount intact. The scheme will specially appeal to retired people who earn no pension.

The monthly instalment payable is at the discounted rate. While crediting interest, TDS as applicable should be realised. As in the case of Term Deposit repayment for Rs.20,000 & above should not be paid in cash.

Ordinarily no advance will be permitted against the deposit account opened under the Monthly Income Plan Scheme. However, in exceptional circumstances, finances may be allowed to needy customer, on his/her request in writing, to the tune of 90% of the principal amount. The amount of Monthly Income will be applied for liquidation of the loan and will not be paid to depositor(s).

  • The accounts may be opened in the names of Individual (Single and/or Joint Name) Illiterate/Blind Persons, Minors, and Joint Hindu Families. The account can also be opened by Firms (Partnership), Limited Companies, Clubs, Association, Government Bodies, etc. to meet their monthly income requirements.

  • DEPOSIT
  • The minimum deposit should be Rs.1,000/- and in multiples of Rs.1,000/- above the minimum deposit, for the maximum period of 60 months. The deposit can be either in cash or cheque. On receipt of the cash or realisation of cheques, the deposit certificate duly filled in and signed by the dealing officer is issued to the depositor.

TABLE

MONTHLY INCOME PLAN

(Discounted Interest)

(Deposit Amount : Rs. 100/-)

Interest Rates : 6.00 to 15.00% p.a.

(Compounded Quarterly)

Interest Rate (% p.a.) Rs.   P.
5.50 0.4562
6.00 0.4975
6.50 0.5387
7.00 0.5799
7.50 0.6211
8.00 0.6622
8.50 0.7033
9.00 0.7444
9.50 0.7854
10.00 0.8264
10.50 0.8674
11.00 0.9083
11.50 0.9492
12.00 0.9901
12.50 1.0309
13.00 1.0717
13.50 1.1124
14.00 1.1532
14.50 1.1938
15.00 1.2345

EXAMPLE :

The interest for higher deposits should be calculated as a multiple of monthly interest for Rs.100/- for the specific period.

For example, the monthly interest for a deposit of Rs.5000/- for 5 years and above at the interest rate of 12% will be Rs.50/- (0.9901 x 5000 / 100 = 49.5050 rounded off to the nearest rupee = Rs.50/-)

  • Proof of Identity: Photocopy required of any one.
  • PAN Card

  • Passport (along with validity details like date of expiry.

  • Driving License

  • Voter ID Card

  • Identity card with photo issued by: Central Government and its departments, State Government and its departments, Statutory / Regulatory Authorities, Public sector undertakings.

  • Proof of Address: Photocopy required of any one.
  • Passport

  • Voter Id

  • Driving License

  • Bank Passbook / statement.

  • Latest electricity bill or Landline Telephone bill (atleast 3 months old).