V-Plus Savings Bank Account
- Minimum balance requirement is 25,000/-.
- The excess amount over and above the minimum balance will be transferred to term deposit account in multiples of 10,000/-.
- No separate deposit receipts will be issued for the amount transferred from time to time to Term deposits, but entry in the Pass sheet/Pass Book shall be provided indicating date-wise details of term deposits outstanding.
- The term deposit will be opened for a period pre-specified by the depositor in the account opening form/separate letter at the time of opening of V-Plus SB account. The period of term deposit should be between 46 days to 179 days.
- Sweeping of balances takes place once in a week i.e., on every Saturday. In case particular Saturday is a holiday, sweep will be effected on next working day.
- Whenever the balance in a V-Plus SB account falls below the minimum prescribed level, the required deficit amount shall be transferred from V-Plus term deposit amount available under the party’s account by breaking the term deposit on a ‘Last – in – First – out’ basis, to bring back the ‘V-Plus SB account’ balance to Rs.25,000/-.
- In case, the balance under ‘V-Plus SB account’ remains below Rs.25,000/- for 3 months, ‘V-Plus SB account’ shall be transferred to ordinary Savings Bank account, after closing all V-Plus Term Deposits under the account.
- All other rules of business including calculation of interest, particularly with respect to number of withdrawals etc. should be as applicable to Savings Bank account Deposit scheme. For term deposits under the scheme, all rules of business as applicable to the general term deposit accounts would apply, except that no separate deposit receipt will be issued.
For further details, please contact the nearest branch.
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