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 a quarterly basis. This scheme is useful for Long term investment from 99 to 102 months. KYC ( Know Your Customer) Norms for an opening account are applicable to these accounts also hence proof of residence and proof of identification will be required along with a 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.