Visa SB A/c
our value increased savings account visa
Learn more about our Value Increased Savings Account [VISA] from TMB.
This is a modern two in one savings plus fixed deposit account where your money gets auto swiped into fixed deposits & yet it is accessible as and when required. This gives the benefit & convenience of withdrawing money anytime anywhere & get decent interest on the savings at the same time. Nomination facility is available.
- Scheme
- Separate Savings Bank account has to be opened under the special scheme "VISA"
- Minimum Balance Stipulation
- A quarterly average minimum balance of Rs. 5,000.00 has to be maintained in the said savings account. Failure to maintain the average minimum balance shall attract a penalty of Rs. 250.00 per quarter.
- Conditions for SWEEP-OUT
- Balance above Rs. 10,000.00 in the VISA account will be made as Fixed Deposit in the multiples of Rs. 5,000.00 automatically as per option given by the party (Daily, Weekly, Fortnightly and Monthly). In case of any holiday, sweep will be made on next working day.
- Period of Deposit
- Deposit will be made for a minimum period of 30 days and a maximum period of 12 months subject to auto-renewal.
- Closure Procedure
- Deposit accounts opened under this scheme will be closed in case of need in “Last In - First Out” basis automatically in multiples of Rs. 1,000.00. Withdrawal of units of Rs. 1,000.00 in “Last in First out” to meet the overdraft in Savings Bank account on account of payment through ATM, cheque received in clearing / collection or across the counter. The units so withdrawn shall cease to earn interest from the date of withdrawal. Interest shall be calculated till the date if withdrawal for the actual period run subject to penalty in case of premature closure as per bank norms.
- Nomination
- Nomination facility available.
- Interest
- Deposits under the scheme are eligible for Simple interest as per bank norms.
- Deposit will be closed in “Last In - First Out” basis in Rs. 1,000.00 units. Interest will be calculated for the amount closed for the actual period run subject to penalty in case of premature closure as per bank norms. Remaining amount, if any, will continue to enjoy the agreed interest rate till maturity.
- TDS
- Interest on Deposit amount is subject to Tax Deduction at Source and be governed by the Income Tax Act 1961 and amendments thereof.
- Form No. 15(H) may be submitted towards exemption from TDS.
- Pass Sheet
- Customers are not provided with Deposit receipt. Separate account statement containing full sweep particulars will be provided to the customer.
Rules and Regulations governing SB Account Operation:
Download the Application Form:
