My Passion Fund: Fuel Dreams

Payment of interest on RD:

• TDS deduction on interest payable or reinvested on RD and FD per customer, exceed ₹40,000, ₹50,000 for senior citizens in a financial year.
• The interest rates for My Passion Fund will be the same as the rate applicable for a simple Fixed Deposit.

Note:  
Effective October 24, 2015, Interest on Recurring Deposits will be calculated from the date the instalment is paid.  
The method of calculation of interest on RDs will be on Actual / Actual Quarterly Compounding.  
TDS on RD is applicable as per Finance Act 2015. TDS on RD will be recovered from the linked CASA. 

• Once set, the instalment amount cannot be changed later.  
• Recover up to 6 instalments from the linked account if sufficient balance is available for overdue payments.
• Payments covering only one instalment will be applied to the earliest overdue instalment.
• No partial payment of instalments permitted.

• The Passion Fund Account has a minimum lock-in period of one month. 
• For premature closure within a month, only the principal amount will be returned, with no interest paid.

• Interest paid only on maturity. 
• The Deposit shall be due for repayment and shall mature on completion of the contracted tenure, even if there are instalments still to be paid.
• The maturity amount on the My Passion Fund confirmation advice is subject to the payment of all instalments on time. 
• Maturity amount shall change in case of delayed payments of instalments.

• The Bank retains the authority to terminate the RD account if regular defaults (non-payments) in monthly instalments are noticed and 6 instalments are past due. 
• The interest rate applies to these closed accounts per the bank's premature withdrawal policy.

• Senior citizens get an additional benefit of 0.50%.
• For more details on other tenure rates and charges please click here to view Interest Rates.

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