MOTOR ACCIDENT CLAIMS ANNUITY DEPOSIT (MACAD)

To credit the compensation amount awarded by a Tribunal/Court to victims/claimants of motor accident and re-payment of the same in monthly annuity instalment comprising part of the principal amount plus interest.

Eligible

Individuals including minors (through Guardian) in single name

Deposit Amount

Maximum: No Limit
Minimum – Based on minimum monthly annuity payment of Rs. 1,000/- for the relevant period.

Tenur

I. 36 to 216 months as per directions of Tribunal/Court.
II. In case the period is less than 36 months, normal Term Deposit will be opened.

Rate of Interest

Prevailing rate of interest as per Tenure

Receipt/Advice

No Advice will be issued to depositors. Only Passbook will be issued for MACAD. In case of normal Term Deposit (for a period less than 36 months), a Term Deposit advice will be issued.

Premature Withdrawal

Premature closure or part lumpsum payment of MACAD will be made with the permission of Tribunal/Court.
Premature closure penalty will not be charged.

Tax Deduction at Source

Interest payment is subject to TDS as per Income Tax Rules. Form 15G/15H can be submitted by the Depositor to get exemption from Tax deduction.
The monthly annuity amount, net of TDS, will be credited to the MACT Claims SB account.

Loan Facility

No loan or advance shall be allowed against the Annuity deposit.

Nomination Facility

MACAD shall be duly nominated as directed by Tribunal/Court.

Most Important Terms and Conditions

Opening of MACT Claims SB account is mandatory for this product.
Annuity payment/ Premature closure payment/ Part lump sum payment will be made only through linked MACT claims SB account.
Account transfer is not allowed without the permission of Tribunal/Court