It is a saving account that is operated through cheque. In other banks its known by the name called Hybrid Deposit Account.
Underlying Features of the Product
It is interest bearing saving deposit operated by cheque leave;
It offers the depositors a flexibility of operating their money through cheque leave while also earning interest income;
The deposit requires minimum opening and operating balance and hence targeted to high value customers;
Interest is calculated and compounded on the least balance of the quarter;
If the quarter’s deposit balance decline below the minimum requirement to be set by the Bank, it is automatically considered as normal demand deposit and thus the customer forfeit the interest until the balance is rebuilt again above the minimum requirement. This does not mean, however, the customer loss interest earned in previous period;
Whenever the minimum balance of the account is below the minimum requirement, penalty charge shall be deducted;
Bank Statement shall be issued to the account holder every month;
No passbook shall be issued to the account holder.
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