Indian Bank Savings Certificate
Planning for the future can be a hard task, with no guarantee as to what might come in our way. Financial planning can go a long way in easing any problems one can encounter, ensuring that money doesn’t turn our life upside down.
Indian Bank offers a Savings Certificate scheme, which in essence is a reinvestment plan deposit designed to aid your future.
Eligibility Criteria for IB Savings Certificate
Anyone who wishes to be a part of this plan deposit needs to satisfy the following eligibility criteria.
- Individual – This account can be opened by an individual either jointly or in a single name.
- Minors – An account can be opened by a guardian or parent on behalf of a minor.
- Organisations – Groups such as sole-proprietorship organisations, trusts, partnership firms, limited companies, clubs, associations, schools, societies and government bodies can open this account.
- Minimum amount – The account can be opened with a minimum deposit of Rs 1,000/-.
Also, Check - Fixed Deposit
Features of Indian Bank Savings Certificate
Account Type | Single/Joint |
Amount | This account can be opened in 5 denominations,Rs 1,000Rs 5,000Rs 10,000Rs 50,000Rs 1 lakh |
Rate of Interest | 7 % per annum to 8 % per annum |
Period/Tenure | 6 years |
TDS | Applicable as per rules enforced |
Loan against IB Savings Certificate | Loan can be availed |
Nomination | NA |
Auto Renewal | NA |
IB Savings Certificate Interest Rates
The interest rates for this plan vary depending on the age of an applicant and his/her association with the bank. A different rate of interest is offered to staff members compared to others.
Tenure | Interest rate for senior citizens | Interest rate for general public | Interest rate for staff members |
6 years | 7.5 % per annum | 7 % per annum | 8 % per annum |
Note: Interest rates offered by Indian Bank are subject to change. The rates mentioned above are for September 2022.
Other Fixed Deposit Schemes Offered by Indian Bank
FAQs on Indian Bank Savings Certificate
- How is interest calculated and credited under this plan?
Under this plan the interest is compounded, with the deposit earning cumulative compound interest annually.
- Is premature closure allowed under this plan?
Premature closure depends on the policies followed by the bank at a particular time, with the current guidelines deciding its status.
- How much can a particular initial investment amount to at maturity?
The amount one gets at maturity depends on the interest rate one is entitled to. For example, a sum of Rs 10,000 would amount to Rs 15,164 if the scheme is utilised by a member of the general public, Rs 15,618 if a senior citizen opts for this scheme and Rs 16,084 if it is a staff member.
- Which forms should an individual provide to aid the TDS process?
The bank accepts Form 15G/H to aid the TDS process, as per the guidelines laid down.
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