Platinum Jubilee Cash Certificate
Who can open the account:
Any individual in his name.
Two or more individuals in their names with suitable repayment clause.
A guardian in the name of minor.
A guardian jointly with a minors
Proprietorship concerns, partnership firms, limited companies and trusts
Mode of opening an account:
The cash certificate will be issued for maturity value of Rs.100/- and multiples of Rs.100/.
The Depositor can choose a period from one to ten years.
Interest is paid at the rates as applicable for the period of deposits as prescribed by the bank as per Reserve Bank of India guidelines.
Interest is compounded at quarterly rests.
The date of maturity value of the certificates will be recorded on the certificates itself.
If depositor/s so desires he/she/they can encash the certificates at any time before the maturity at 1% less than the simple interest applicable to the period for which the deposit has been remained with the bank.
The rules governing deposit account of minors account will also apply to this certificates.
These certificates are not transferable.
Loan against deposits:
The bank may grant loans on the security of these certificates as per the existing policy, but interest on the loans will be to be payable quarterly.
The depositor/s can avail the nomination facility by making necessary application form to the Bank and get it noted in the records of the Bank.