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This is a saving bank product available for all senior citizens i.e. persons of
60 years and above who are eligible to open a saving account as per our Bank’s criteria.
The account can be opened singly or preferably jointly (husband & wife) provided
either of them is of 60 years or above. This product is designed to attract procure
deposit/savings of senior citizens by offering attractive, innovative incentives
and higher rate of profit to senior citizens.
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The Main Features
are:
- A customer can
open only one BOP Senior Citizens Saving Account singly or jointly regardless of
the branch. In case it is found out that more than one account exists under this
category, the Bank reserves the right to recover & forfeit the profits paid
or not to give any profit.
- The account can
be opened with a minimum initial deposit of Rs.10,000/-. However in case average
deposit during the month falls below Rs.10,000/-, account maintaining charges shall
be levied as per Bank’s Schedule of Charges.
- The profit slab
is as follows:
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Minimum Monthly Balance
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*
Expected rate of profit
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Rs. 0
upto
10,000/-
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Normal PLS SB rate
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Rs.10,001 upto 200,000/-
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5 % p.a.
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Rs.200,001 upto 400,000/-
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7 % p.a.
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Rs.400,001 upto 500,000/-
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8 % p.a.
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*This product is governed under PLS rule of Profit & Loss sharing system.
The rates mentioned are expected and the Bank reserves the right to review/revise
the profit rates quarterly.
- Maximum profit
@ 8.0 % p.a. as per different slabs shall be paid on minimum monthly deposit upto
Rs.500,000/-. Deposit can exceed Rs.500,000/- but no profit will be paid on amount
over and above Rs.500,000.
- The profit will
be calculated on monthly basis based on the minimum monthly balance maintained by
the customer during that particular month.
- The profit will
be credited on monthly basis in the respective account.
- Profit once disbursed
will not be recovered in case of decrease in rate at the time of announcement of
Half Yearly profit rates. However in case of rise in profit rate the difference
amount will be paid.
- Existing senior
citizen account holders can also open account under this scheme.
- In case they wish
to close their existing PLS or other account, same may be allowed without deducting
account closure charges
- Zakat will be
deducted as per law like any other saving/profit bearing account.
- Withholding tax
will be deducted from the profit as per law in force
- Preferably PLS
SB joint a/c should be opened with special instructions of “Either or Survivor”
which must be jointly authenticated under full signatures of the Joint A/c holders.
- Unlimited transaction
(debit/credit)
- Free complimentary
issuance of first ATM/Debit Card
- Free complimentary
issuance of first Cheque Book of 25 leaves
- 25 % reduction
in rental charges of small or medium locker subject to availability.
- Priority banking
especially in utility bills payment, counter service etc
- The product carries
all characteristics/conditions pertaining to PLS SB account i.e. issuance of DD/TT/MT/PO
etc as per Bank’s Schedule of Charges except payment of profit which shall be paid
on monthly basis on minimum monthly deposit upto Rs.500,000/- only as per admissible
rates shown against each minimum monthly balance.
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