Under the revised rate of interest of Double Benefit Account (DBA) effective from 12 November 2023 the deposited amount will be doubled in 05 Years 06 Months instead of 08 years 06 Months, the effective rate of which is 13.40% p.a. Double Benefit Account (DBA).
Notes:
In case of providing credit facilities against scheme deposits opened from 12 November 2023, above stated interest rates are to be used in determining Minimum Lending rate.
Other than the revisions mentioned above, all other features of the respective scheme deposit will remain unchanged until further notification.
The Scheme Deposits opened on or before 11 November 2023 will continue as it is. Revised interest rate and payment schedule and tenure will be applicable for those scheme deposits opened or renewed from 12 November 2023.
Excise Duty, Vat & Income Tax are to be realized from the account as circulated by the Government time to time.
The calculations of deposit schemes shown above have been calculated excluding Excise Duty, VAT, Income Tax and other charges (if any). The matured value / receivable amount of above Scheme Deposits can differ due to deductions as per Government rules.
Installment amounts of Scheme Deposits have been rounded off.
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