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Corp Classic Savings Bank Account
Corp Classic High tech Hassle Free Savings Account
A combination of Savings Bank and Term Deposit features. Amount over and above the minimum balance of Rs. 25000/- in CLSB portion of the account will be automatically converted into term deposits in units of Rs.1000/- each (subject to a minimum of 5 units to start with and in multiples of 5 units of Rs. 1000/-each thereafter). Whenever a cheque is issued, and there is shortage of surplus funds over and above the minimum balance, units of terms deposit are broken in such a manner so as to cause least loss to the depositor, the same is credited to the CLSB Account and cheque is passed.
Special features: Facilities like, Auto Renewal Option of Deposits, Minimum Period Maximum Interest - option, Reinvestment Option, Periodical payment of interest [monthly/quarterly/half-yearly/ yearly] in case of FD, Fixed Maturity Date, are also available in this Scheme. International Debit Cards and SMS Banking facility are provided FREE of cost.
Period of Deposit: Deposit can be opened for a period of 15 days to 3 years as per the customers choice.
Auto opening and closing of term deposits by the system is another prominent feature of this scheme. No need to remember to convert excess balance in Savings Bank account manually to term deposits/ remember the maturity dates of term deposits.
Rate of Interest: 3.5% on balances maintained in SB portion and applicable interest rates for balance maintained in term deposit portion. For current interest rates for term deposits, click here
Interest Payment: On or before 10th of February / August every year for amounts maintained in SB portion and monthly / quarterly for amounts in term deposits.
Other facilities: All other facilities as available for Regular Savings Bank account are also available
Quarterly Average Balance: Rs 25,000 at all Branches. Non-maintenance of QAB attracts a service charge of Rs 300/- per quarter.
Revised scheme guidelines with effect from 1st December, 2009:
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