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 :
- Blind Persons.
- 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.