Corp Classic Savings Bank Account

Corp Classic Savings Bank Account
Who can open :
  • a) An Individual in his/her own name with a sound mind.
  • b) Individuals in their joint names with suitable repayment instructions.
  • c)Clubs, Societies, Associations, Trusts, Executors, Educational Institutions, Administrators, HUFs, etc.
  • d) NRIs are eligible to open the account.
  • e) Minors are not eligible to open accounts under this scheme.
Account Specification :
  • 2-in-one Account Savings Bank + Term Deposit features.
Minimum Balance to be maintained :
  • Rs. 15,000 /-
Auto Sweep Facility :
  • The surplus balance over and above prescribed minimum balance of Rs.15,000 in SB account will be segregated into Term Deposits in multiples of Rs.5,000/- for a specified period.
Deposit Tenure :
  • Minimum of 15 days to Maximum of 5 years
Honoring of Cheques :
 The debiting of the cheques is depending upon the effective available balance (Principal amount + Interest credited + Balance in SB).
 In addition to this, system will also break the term deposit/s to the extent sufficient to honour the cheque . Premature closure will be effected based on Last in First Out (LIFO) method. Deposit opened last will break first.
 Renewal/Auto  Renewal of Term Deposit
There is no auto renewal of  term deposits. Deposits, on the date of maturity, will be closed and the closure proceeds will be credited to CLSB account. Then from the excess balance available in operative account, a new term deposit will be created during end of the day.  The depositor/s can opt only ‘Fixed period’ for automatic segregation and investment in term deposits.
Liquidity of Term deposits Part :
  • Breaking of Deposit is possible in multiples of Rs. 5000/- each.
Non Maintenance of QAB :
  • No Charges
Other Charges :
  • As applicable to Savings Bank Account
Add-ons :
  • As applicable to Savings Bank Account