Jeevan Suraksha Savings Account
MTS NIDHI Jeevan Suraksha Savings NIDHI Account
Key Benefits:
- The product shall be available at all our branches irrespective of area classification.
- Accounts can be opened in single name as well as in joint names (maximum two) and both the account holders can also be covered under insurance subject to submission of requisite papers and payment of premium in respect of both the account holders
- Existing Savings NIDHI accounts can also be converted into “ NIDHI Jeevan Suraksha Savings NIDHI A/c“retaining the same account number.
- Following Documents will be required for opening of account:
- 1. Photo Identity Proof.
- 2. Address Proof ( Passport/ Driving Licence / Voter Identity Card or any MTS document admissible to open a normal Savings NIDHI Account)
- 3. Age Proof (Birth Certificate issued by municipality / Matric Certificate/Passport / Driving Licence / Voter Identity Card etc.)
- 4. Consent cum Letter of undertaking to maintain a minimum required balance for payment of insurance premium opted by the customer.
- Opening of account by minimum Rs. 1000/- only
- Minimum Balance Rs. 1000/- on daily balance basis.
- 20 Cheques Leaves shall be provided per half year free of cost.
- 100 withdrawal per half year shall be allowed as per General Savings NIDHI A/c.. In case of debits more than 100 per half year (excluding Auto Sweep transactions and Service Charges transactions) a charge of Rs 10/ plus service tax per debit transaction shall be levied.
- Charges for non maintenance of minimum Balance is Rs. 100/- plus service tax, per quarter.
- Facility of getting Life Insurance Cover from “IndiaFirst Life Insurance Co. Ltd” upto an amount of Rs. 5.00 lac ( minimum Rs. 1.00 lac and thereafter in multiples of Rs. one lac) without any medical examination and only against submission of Declaration of Good Health (DOGH)”, at the cost of customer at following premium rates:
- Auto sweep: Auto transfer of funds exceeding certain fixed amount to Term Deposit to provide high yield on such funds.
- Auto reverse sweep in case of need to honour Cheque to Savings account from Term Deposit.
Month in which account is opened |
Number of months for which premium is payable |
Prorata Premium (excl. Service Tax) per lac per annum for different age-groups for the period in column no. 2 |
||
18-35 |
35-50 |
51-60 |
||
(1) |
(2) |
(3) |
(4) |
(5) |
January |
12 |
125 |
259 |
697 |
March |
10 |
105 |
216 |
581 |
June |
7 |
73 |
152 |
407 |
October |
3 |
32 |
65 |
175 |
December |
1 |
11 |
22 |
59 |
Insurance cover is annually renewable after payment of premium. Age will be calculated as completed years on last date of birth. At the time of opening of account, only one option for choosing the amount of insurance cover will be available and no MTS option can be exercised in future to change the sum insured.
There will not be any grace period for renewal of cover and the customer will be required to maintain sufficient balance in his account for payment of insurance premium for renewal of cover.
Amount paid by the customer towards insurance premium is admissible for deductions under Section 80 C of Income Tax act
Only one insurance cover per person shall be allowed.
In case of Joint Accounts, premium amount will be paid separately for each of joint account holder