SIB CARE
SIB CARE is an annuity deposit scheme, which ensures a fixed monthly return. The product is exclusively for those who want to have a fixed return for a fixed period for their investment.
- A lump sum amount is deposited with the Bank for a predetermined period ranging from 2 years to 10 years based on the requirement of funds and Customer will be getting credit of equal instalments to the connected operative account on deposit dates from the next month onwards.
- The instalment amount will be the sum of the monthly Interest and a part amount from the principal portion.
- Interest rates will be as applicable for the preferred period of deposits.
- Pre closure penalty is applicable as all other term deposits.
- When the SIB CARE (NRE) accounts are pre closed before one year, the interest already paid shall be recovered by the system from the Principal amount.
- No Loans can be allowed against SIB CARE Deposits. Lien marking also is not possible.
- TDS and all other features will be as same as all other term deposits