BOP Kissan Dost Term Deposit
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Product
This is a Fixed Deposit product where profit is paid on maturity alongwith principal amount with a fixed tenor of six months & one year. The product will have the facility of rolling over at the profit rate being offered by the Bank at the time of roll-over.
The product carries all characteristics/conditions/rules governing to normal PLS Term Deposit except that payment of profit will be on maturity alongwith principal amount.
Please note that in case of pre-mature encashment, prevailing normal term deposit rates shall apply.
Who Can Invest
The product is available for farmers who are eligible to invest in term deposit as per Bank’s criteria. The term account can be opened singly or jointly.
Amount of Deposit
Minimum deposit is Rs.100,000/- while No Maximum deposit limit
Profit Rates/Calculation/Disbursement of Profit
06 months
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10.00 %
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100,000/-
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Rs. 5,000
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Rs. 105,000
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1 year
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11.00 %
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100,000/-
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Rs. 11,000
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Rs. 111,000
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* This product is governed under PLS rule i.e. the rates mentioned are provisional and the Bank reserves the right to revise/revisit the profit rates under Profit & Loss sharing system and terms & conditions of scheme.
• Withholding tax @ 10.00 % of the profit or as per law in force shall be deducted, wherever applicable.
• The profit will be paid on maturity alongwith principal amount.
• Zakat will be deducted as per law, wherever applicable.
* Please note that profit rates will be reviewed on monthly basis.
Premature Encashment
In case of pre-mature encashment, corresponding rate applicable to the period of retention then declared by the Bank will be paid, provided deposit is kept for a period not less than 7 days. The profit shall be paid on prevalent normal term deposit rates.
Financing Facility
This term deposit receipt can be used as security for obtaining financing facility. The customer can avail loan upto 90% of the market value i.e. principal + accumulated profit or as per Bank’s policy in vogue.
The Markup rate would be 3.0 % above the profit rate paid to the farmer (TDR holder) or as per Bank’s policy in vogue.
Purchaser of BOP Kissan Dost Term Deposit receipt will be required to open a CD/PLS account with the Bank (if already not a customer) and at the time of maturity profit as well as the principal amount will have to be credited to customer’s A/c. In case the customer has already given the instructions of roll-over and the product is not discontinued, the term deposit will be renewed.