Request for premature withdrawal may be permitted at the sole discretion of the company.
The company at the request of the depositor may repay the deposit before maturity. Interest on premature repayment of deposit shall be paid as under:
|Period completed from date of deposit
|Minimum lock in period.Provided that upon being satisfied, in order to
meet certain expenses of an emergent nature, not more than 50% of the amount of principal sum or
`5 lacs, whichever is lower, can be paid before the expiry of 3 months from the date of acceptance of deposit, without interest. Provided further, in cases of critical illness (as per IRDAI (Health Insurance) Regulations, 2016), 100% of the amount of principal sum canbe repaid prematurely, without interest.
|After three months but before six months
||4 % p.a
|After six months but before the Date of Maturity
||For Individuals and Non - Individuals the interest payable shall be 1% lower than the interest rate applicable to a public deposit for the period for which the deposit has run.
|If no rate has been specified for the period for which the deposit has run
||2% lower than the minimum rate at which the deposits are accepted.
The brokerage is paid upfront for the entire period of deposit to our authorised agent. In case of premature withdrawal the brokerage is payable for the period completed and excess brokerage paid will be recovered from the deposit amount.
In case of Corporate the premature withdrawal of deposit shall be at the sole discretion of the Company and shall be made at least 7 days in advance.