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Dhanam Abhivridhi

Dhanam Abhivridhi is a term deposit product wherein the deposit amount will become double within a specific period of time.
   
  • Period of deposit will vary depending up on the card rates issued by the bank from time to time.
  • Amount of deposit: Minimum amount-Rs.100/- , Maximum amount-No limit
  • Rate of interest as per card rates issued by the bank from time to time.
  • Payment of interest will be at the time of maturity along with principal with quarterly compounding interest.
  • Facility for availing loan/overdraft against Dhanam abhivridhi deposit schemes available.
  • Facility of nomination available.
  • Special interest rate benefit for senior citizens.
  • Product available in all branches.
  • No premature withdrawal charges
  • TDS Applicable as per IT rules.
  • The account can be opened by individuals, firms, corporate bodies, clubs and associations.
 

Surabhi Deposit

The Surabhi Deposit helps minimize loss of interest on premature closure. It has a higher initial investment than most deposits and allows higher deposits to the existing term deposit.
   
  • Choose between a Savings Account or Current Account to link to your Fixed Deposit
  • Multiple deposits can be linked to the account.
  • The linked fixed deposit is broken only partially (in multiples of Rs.1000) to make up for the deficit in the account thereby minimizing the interest loss
  • Option to automatic renewal on maturity
  • Senior citizens enjoy a higher rate of interest on their Fixed Deposits
  • Minimum balance of Rs. 10,000 with tenure of 180 days and above
  • The account can be opened by individuals, firms, corporate bodies, clubs, and associations

Sri Dhana Chakra Deposit

The Sri Dhana Chakra Deposit allows for automatic renewal of the deposit on maturity. Starting out with a relatively higher initial investment, it allows for deposits for any period of time with no upper limit.
   
  • Higher rate of interest as compared with regular fixed deposits
  • Minimum deposit of Rs. 5,000
  • Minimum deposit period of 15 days
  • Rate of interest in accordance with RBI directives, as applicable, that are subject to change without prior notice to the depositor
  • Automatic renewal on expiry for a period decided by the depositor
  • No interest applicable if the deposit is closed 15 days before the last renewal; the amount repaid will be the balance available in the account at the end of the last maturity of the deposit
  • The account can be opened by individuals, even in the name of minors jointly with their guardian, and by corporate bodies, institutions, and public or private sector organizations
 

Laxmi Recurring Deposits

The Laxmi Recurring Deposit allows for the investment of a small initial amount with recurring additions on a monthly basis for a predetermined fixed period of time. Interest accrued is added to the balance on a quarterly basis, which is then added to the invested amount. The principal and the cumulative interest is paid on maturity of the deposit.
   
  • For a much smaller investment per month, get interest rates equal to that of regular Fixed Deposits.
  • Frequency monthly
  • Minimum 12 months maximum 120 months
  • Pre mature penalty as per prevailing policy
  • TDS is not applicable on the interest earned by Recurring Deposits as per current income tax rules.
  • The account can be opened by individuals, firms, corporate bodies, clubs, and associations
 
 

 

Cumulative Deposit Certificate (DCDC)

Dhanam Cumulative Deposit Certificate (DCDC) returns quarterly interest that is added onto the principal amount. Both the cumulative quarterly interests and the principal amount are paid on maturity of the deposit.
   
  • Minimum deposit of Rs. 100 or multiples thereof
  • Deposit period between 6 and 60 months. Subsequent multiples at 3 month intervals are permitted
  • Rate of interest as applicable to term deposits
  • Minimum remittance of Rs. 500, amounts in excess rounded off to the nearest Rs. 100
  • Rate of premature penalty as applicable to the term deposits Till 31st May,2010
    • For premature closure within one year -> 0.50%
    • For premature closure after one year -> 1.00%
  • Rate of premature penalty as applicable to the term deposits From 1st June,2010
    • For premature closure - 1.00%
  • 90% of the balance in the account can accessible as a loan
  • The account can be opened by individuals, firms, corporate bodies, clubs, and associations
 

Tax Advantage

Dhanam Tax Advantage Deposit offers tax exemption under Sec 80C of IT Act.
   
  • Applicable rate of interest for 5 years
  • Tax exemption of up to Rs. 1.50 lakh in a financial year, under Section 80 C of the Income Tax Act
  • Minimum deposit of Rs.100 and maximum of Rs. 1.50 lakh in a financial year
  • Nomination facility available
  • Deposit period between 5 and 10 years
  • Permanent Account Number (PAN) needed to open the account
  • No premature encashment up to 5 years
  • Loan against deposit facility is not allowed
  • Other rules pertaining to Term Deposits applicable to this scheme as well
  • Senior citizens are eligible for an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above except for Dhanam Tax Advantage deposits.
  • In case of joint deposits, deduction under Sect 80C is available to first holder
  • Single accounts can be opened by individuals and the Karta of a Hindu undivided family (HUF) while joint accounts can be opened by adults as well as a minor and their guardian
 

Senior Citizen’s Deposit

The Senior Citizen's deposit is designed to provide senior citizens with extra protection through an additional rate of interest over the normal interest rate.
   
  • Senior Citizens are eligible for an additional interest rate of 0.50% p.a only for term deposits for periods starting from 180 days and above but excluding the 500 days product.
  • At par collection of 1 instrument for value up to Rs. 5,000 once a month
  • Issue of demand draft up to Rs. 5,000 once a month
  • Senior citizens are eligible for an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above except for Dhanam Tax Advantage deposits. The additional rate of interest offered for deposits of Senior Citizens is applicable only to Resident Indians.
  • Indian nationals aged 60 and above.
 

Manner of Calculation of interest: For savings and term deposit products, actual number of days in the month and year will be reckoned for interest application. Further, for cumulative deposits, compounding is done on calendar quarter basis. For 'Dhanam Abhivridhi' deposit product and other IBA type products, interest is calculated by taking the number of days reckoning the month and year at 30 days and 360 days respectively and compounding is done on Anniversary quarter basis.

Premature Withdrawal Penalty for Term Deposits w.e.f April 18, 2016

Revised procedure on renewal of Domestic/NRO/NRE overdue term deposits effective from November 15, 2014

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