HOW IT OPERATES

To open a DOUBLE DECKER ACCOUNT :
A minimum of Rs. 10,000/-- for a period of 13 months and a maximum period of 36 months. Interest is paid either monthly ,Quarterly, Half-Yearly ,Yearly or at the time of Maturity (Cumulative) However, you can withdraw upto 95% of the Principal amount before the end of first quarter, and thereafter. upto 95% of the accured value. In case of Senior Citizens, you can withdraw upto 100% of the Principle amount before the end of the first quarter, and thereafter, upto 100% of the Principle amount or 95% of the accrued value, whichever is higher or as stipulated by the Bank from time to time.Hence you get the liquidity of a Saving Account plus you continue to earn high interest on the entire deposit amount.

• The interest rates mentioned below in the examples are on assumption basis.

BETTER DEALING THAN A SAVING ACCOUNT

For example, if Rs. 17,500/- is withdrawn from a DOUBLE DECKER ACCOUNT : of Rs. 25,000/- after 3 month, the earning in 24 months are :

• Rs. 4,250/- is earned @ 8.5% p.a. on deposit
  of Rs.25,000/- for a period 24 months.
• Rs. 2,909/- is charged @ 9.50% (8.50 + 1.00%)
  on Rs.17,500/- for 21 months (24 months - 3 months).
• Rs. 1,341/- is the net interest earned on the Double Decker Account.

Thus, Rs. 1,341/- is earned on a balance of Rs. 7,500/- in a DOUBLE DECKER ACCOUNT. On the other hand Rs. 678/- (at 3.50% p.a.) would be earned with the same balance in ordinary Savings Account.

HOW MUCH AMOUNT CAN BE WITHDRAWN

On enquiry from the teller counters, you will know the balance available to you for withdrawal. This includes the term deposit in your DOUBLE DECKER ACCOUNT.

Addition to the DOUBLE DECKER ACCOUNT can be done any time and as often with a minimum** of 2,500/- thereafter.

CONDITION FOR WITHDRAWAL

Only nominal rate of interest @ 1% p.a. above the interest earned by you on only the amount you withdraw and only for the period for which amount is withdrawn. In case of third party deposits, the rate of interest is 1.5% p.a. above the deposit interest rate and in case of Women Senior Citizens, the rate of interest is @ 0.5 p.a. above the deposit interest rate or as charged by Bank from time to time. You can also operate the DOUBLE DECKER ACCOUNT by frequently depositing as normal Savings Account, to maximise your returns.

If a deposit of Rs. 25,000/- is kept for a period of 24 months & if an amount is withdrawn after 3 months from the date of deposit, the total gain would be as follows :

*

So, higer the balance in a DOUBLE DECKER ACCOUNT, the higher are the returns. Moreover, if money is used for shorter period, higher would be the earnings.