Money Double Deposit

Double Benefit Deposits provide a higher yield on the principal at the end of the stipulated period as the interest is compounded on quarterly basis. This scheme is useful for Long term investment from 99 to 102 months. KYC ( Know Your Customer) Norms for opening account are applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositors.

Types of Accounts:-

The accounts may be opened in the names of :

  • Trusts.
  • Minors.
  • Panchayats.
  • Blind Persons.
  • Municipalities.
  • Illiterate Persons.
  • Partnership Firms.
  • Limited Companies.
  • Religious Institutions.
  • Charitable Institutions.
  • Sole Proprietary Concerns.
  • Individual — Single Accounts.
  • Associations, Clubs, Societies etc.
  • Two or more individuals — Joint Accounts.
  • Government and Quasi-Government Bodies.
  • Educational Institutions. (including Universities)
  • Joint Hindu Families. (accounts of non-trading nature only).

 Period and Amount of Deposit:-

Deposits under Double Benefit Deposit Scheme are accepted for a fixed period of 111 months for Senior Citizens & 114 months for Normal Citizens. These deposits, on maturity are repayable with interest compounded on quarterly basis.