Cash certificates are a unique type of deposit that offer the opportunity to accumulate a certain amount over time while earning interest. They are flexible and secure, making them an excellent choice for long-term investments. Holders of cash certificates can even borrow money against them if necessary.
Eligibility
Individuals:
Any individual can open a cash certificate in their own name or jointly with others.
Minors:
Accounts can be opened by minors represented by parents or guardians.
Organizations:
Clubs, societies, institutions, educational institutions, trusts, and firms are eligible to open cash certificates.
Key Features
Nomination Facility:
Ensure your investment is managed according to your wishes.
Premature Closure:
Facility available as per the Society's rules.
Loan Facility:
Borrow up to 90% of the deposit amount against your cash certificate.
Interest Payment
Compounded Quarterly:
Interest is compounded quarterly to maximize your returns.
Credited Half-Yearly:
Interest is credited to your account every six months.
Paid Monthly:
Enjoy monthly interest payouts for consistent income.
Deposit Details
Minimum Deposit:
Start with a minimum deposit of Rs. 5000.
No Maximum Limit:
There is no cap on the maximum amount you can invest.
Investment Period:
The standard period of investment is one year.
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