Scheme For Road Accident Victims

Brief features of the product:


  • Any individual /dependent (singly or jointly with others)
  • A minor of 10 years and above in his own name otherwise under guardianship shall be eligible to open under the scheme provided there are Court Orders in support of the claim in his/their names.
  • For 12 months to 120 months. In case honorable court directs fixed deposit tenor of more than 120 months, the same, shall be auto renewed if the period exceeds 120 months.

Terms & Conditions:

  • Interest: 1% above CARD rate (Link)of interest as applicable for normal Fixed Deposit scheme for various tenors.
  • No loan and advances is permitted without the permission of the court.
  • No premature cancellation/part withdrawal is permitted without the permission of the court.
  • It is mandatory to open a Saving Fund account wherein monthly interest of the Fixed Deposit shall be credited.
  • No cheque book is to be issued in Saving Fund Account
  • Income option (out flow of interest) is available to the customer and maturity option is not available under the scheme. The interest will be paid on monthly basis. The monthly interest will be paid at discounted rate.
  • Nomination facility is available
  • TDS is applicable as per rules. The Bank will issue TDS Certificate for the tax deducted.
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