Individual Current Account holders of more than six
months having satisfied transactions with the bank are allowed to avail this
facility.
Security: Personal Surety, Collateral Security and
Fixed deposit of his own or of a third party.
This is issued for one year.
Interest is calculated on daily product basis.
Interest will be charged in connection with the type of
security offered by the customer. i.e., if collateral & personal
security-lending rate, if it is fixed deposit of his own the rate will be 2%
above the contract rate of F.D. If the security is a fixed deposit of third
party then the rate will be the lending rate.
Penal interest @ 2% will be charged when the account
becomes overdrawn (for the overdrawn amount only)
After the expiry of OD limit period 2% additional
interest will be charged over the contract rate.
Interest debited on last day of every month.
Withdrawals are allowed only through cheque book.
Purpose: These types of loans are issued only for
domestic purpose.
The customer is directed to make all the transactions
through this account only.
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