Rs.25,000/- and above in multiple of Rs.1,000/- as core deposit.
Core deposit-1 year to 10 years.
3. Linked Deposits:
4. Dual Account:
The product consists of core deposit (Term deposit), which entitles the operative account (CD/SB) of the customer for sweep facility, where balance above a floor level is Auto Swept to form short term Smart saver Term Deposits (Linked Deposits)
5. Features and Benefits:
Minimum Floor Balance of Operative Account.
6. Saving Account:
Min Balance Rs 5,000/-.
7. Current Account:
Rs.25,000/- for Individuals, HUF, Sole Proprietorship & Partnership (other than Limited Liability Partnerships) and Rs.1, 00,000/- for Limited Companies and Limited Liability Partnerships.
8. Auto Sweep:
Beyond a threshold minimum balance (minimum floor balance) in the operative account, the amount is auto swept to form a new term deposit/series of term deposits.
9. Reverse Sweep:
Balances in the linked Smart Saver Term deposits (not the core deposit) shall be available for clearing of debit instruments (cheques, standing instructions, ATM Transactions, etc.) in case the balance in the operative account is not sufficient for clearing the instrument.
A. Individuals, singly or jointly, and HUF (Hindu undivided Family) shall be eligible to open Smart Saver Accounts.
Rate of Interest: Current rate prescribed by the Bank. (0.50% extra for Senior Citizens in Term Deposit.)
B. Individuals, Sole Proprietorships, HUF, Partnership Firms and limited companies shall be allowed to open Smart Saver account linked with saving account linked with current accounts.