MTS Royal Deposits

MTS Nidhi Royal Deposit

Product Specification:
This is a Term Deposit Product wherein Depositor gets more than double of his initial deposit amount.

Area of operation:
The product shall be available at all MTS CORPORATE OFFICES.

Eligibility and Target Group:

• An individual in his own name.
• Jointly by more than one individuals.
• Minor of age 10 and above on terms laid down by the Mts.
• Account in the name of minor with their father/mother, as guardian.
• In the names of Clubs, associations, Educational Institutions, Partnerships and joint stock companies and any other institutions, which are eligible to open a Term Deposit, account as per Mts rules.

The product is not available for NRI Customers

Minimum Deposit Amount
Rs 5,000/- ( and further in multiple of Rs. 1000/-)
Maturity Value
On Due date Rs. 1000/- shall accumulate into approximately. Rs. 2001/-
Maximum Deposit Amount
Less than Rs. 1.00 Crore
Rate of Interest
12 % maximum
Payment of Interest
Frequency of Interest payment in the account will be similar as applicable on RIRD.
Premature Payment
Premature penalty as per Mts extant guidelines on Term Deposits shall be applicable.
Nomination facility
Nomination facility will be available.
Tax Deduction at Source
TDS will be deducted on interest payments as per rules.
Availability of Loan/Overdraft
Loan / Overdraft facility to be permitted up to 95% of outstanding balance at interest rate 1.5% over interest rate paid on deposit (No processing Charges to be levied on such loan / Overdraft facility)
Closure of A/C
Rules applicable as per existing Term Deposit Account