RATES

Against Deposits Loans

Against Deposits Loans

 

Loans against Deposits:

The Bank also advances loans who are in need against their Fixed deposits/ Cash Certificates not exceeding 85% of the face value of the Fixed deposit/Cash Certificate.  While sanctioning the loan against the Cash Certificate, the interest accrued on the cash certificate from the date of deposit will also be taken into consideration for sanction of the loan.

Rate of Interest:

Interest will be charged on the loan @ 2% extra above the Deposit rate.  On the maturity of the deposit, the loan sanctioned together with the principle and interest will be adjusted to the maturity proceeds and the surplus amount if any will be transferred to the savings account of the depositor.  In case the depositor will not have a savings account in the Bank, the surplus proceeds will be kept under suspense and be paid through bankers cheque.