The company reserves the right to allow, at its absolute discretion, withdrawal of deposit before maturity. Where a deposit is so allowed to be prematurely withdrawn the relative deposit receipt must be discharged by all the depositors in case of A or S/s deposit and by the first named depositor in case of N or S/s deposit.
As per the Directions of RBI currently in force:
** Premature payment can be made without interest in the case of death of a depositor.
* The above Rates are also applicable for Prematurity payment(PMP) in the case of a death of depositor.
Loan on Deposits
The company may grant, at its sole discretion, loan against deposit, provided the deposit had run for a minimum period of 3 months upto 75% of the deposit amount, carrying interest @2% above the contracted rate (compounded at the same rest as of the TDR) payable on such deposits. The relative term deposit receipt and loan documents have to be signed by both/all the depositors in case of A or S/s accounts and by the first depositor in case of N or S/s accounts. Cheque/DD for loans will be drawn only in favour of the first depositor.