Term Deposit

MBGB Sugam Scheme

Who can Open the Account?

  • Individual (singly or jointly) with others.
  • Minor who have attained the age of 10 years and above in his/her own name on giving proof of age.Minors below the age of 10 years under guardianship of Natural/legal guardian.
  • Proprietorship/Partnership firm Commercial Organization,  Company/ Corporate Body.
  • Hindu Undivided Family

 

Minimum and Maximum Amount

  • Minimum Deposit Rs10000/- and thereafter in multiples of Rs 1000/- with  maximum deposit of Rs. 10 crore/-
  • Part Withdrawal of any amount , in multiple of Rs.1/- subject to minimum amount of Rs. 1000/- permitted without breaking the entire deposit and without losing interest on remaining deposit.

Salient Features Of The Product:

  • No penalty on premature part/full withdrawal. However, interest rate payable would be contractual rate or the rate under the scheme on the contractual date applicable for the tenor for which the deposit has run, whichever is lower.