There are many Deposit Schemes like Saving Scheme, Current Scheme, Fixed Deposit Scheme, Recurring Deposit Scheme etc. But there are some other deposit schemes also those are used by a set of masses. Today We on D2G are going to give you the outline of the same Deposit Schemes. We are not getting in to deep because we don’t usually need them, So the minor information would be optimum here.
Flexi / Sweep Account
# Made for IDLE Funds.
# If one have excess money in Saving Account and is of no use then this scheme will be more useful.
# The determined limit of Fund in the Saving Account is transfered to a fixed deposit Account whenever the balance in the Saving Account exceeds the Limit.
# In this way fixed deposit increase and interest earning is more than Saving Account.
Pigmy Deposit Account
# For very small Depositors.
# Offered by only some PSB.
# The unique characteristic of this scheme is that a bank agent collects the money daily, from the account holder’s doorstep.
# Introduced by Syndicate Bank in India.
# Money can be deposited into an account on daily basis. The amount may be as small as Rupees five. It can be called a recurring deposit scheme, as the money is deposited almost daily.
# The scheme was introduced to help daily wage earners, small traders and farmers to inculcate a saving habits and also as a means to fund their bigger capital requirements, such as a wedding, home buying, vehicle purchase etc. The scheme is now offered by several other banks in India.
# U.A.E has given it a modern name “mobile banking”.
Senior Citizen Deposit Scheme
# Age > 60 is eligible.
# Fixed Deposit for Senior Citizens.
# 5 year Deposit Scheme.
# Tenure of the deposit account : 5 years, which can be extended by 3 years.
# Rate of interest : 9.3 per cent per annum
# Frequency of computing interest : Quarterly
# Taxability : Interest is fully taxable.
# Whether TDS is applicable : Yes. Tax will be deducted at source.
# Investment to be in multiples of : 1000/-
# Maximum investment limit : 15 lakh
# Minimum eligible age for investment : 60 years (55 years for those who have retired on superannuation or under a voluntary or special voluntary scheme). The retired personnel of Defence Services (excluding Civilian Defence Employees) will be eligible to invest irrespective of the age limits subject to the fulfillment of other specified conditions
# Premature closure/withdrawal facility : Permitted after one year of opening the account but with penalty.
# Transferability : Not transferable
# Tradability : Not tradable
# Nomination facility : Nomination facility is available.
# Modes of holding : Accounts can be held both in single and joint holding modes. Joint holding is allowed only with spouse.
# Application forms available with: Post Offices and designated branches of 24 Nationalised banks and one private sector bank
# Transfer from one deposit office to another : Transfer of account from one deposit office to another is permitted.
Tax Saving Deposit Scheme
Term Deposit Account for 5 years.
# Amount remain locked for 5 years.
# There is no option of premature payment or loan against the deposit.
Non Resident Deposit Scheme
# for NRI.
# two different types of Account:
1. NRO (Non Resident Ordinary) Rupee Account.
2. NRE (Non Resident External) Rupee Account.
Saving Account kept in Indian Rupees.
another type of Account:
Foreign Currency Non Resident Account or FCNR Account:
-> For Foreign currency like ponds, dollars, euro, yen and all other major currencies.
-> Can opened minimum for 6 months and maximum for 3 years.
Public Provident Scheme
# Part of central Government Scheme.
# Promote Long term saving for 15 years or more.
# PSB open it with the help of Post Offices.
# Government announces its interest rate.
# Good Investment.
# Offers Tax Saving Options.
We hope that was enough to clear your doubt regarding other deposit schemes. If you think we have left something please let us know. Put your comment under comment Section Below. Do not forget to read our other articles.
Happy Reading 🙂