Motor Accidents Claim Account (MACT)

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MACT Claims SB Account
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Features

Motor Accident Claim Tribunal (MACT) is to credit the compensation amount/Interest on MACAD (Motor Accident Claim Annuity Deposit) awarded by a Tribunal/Court to victims/claimants of motor accident.

  • Existing SB Interest Rate applicable
  • Nomination Facility for individual only
  • Passbook facility is available
  • Welcome Kit
  • Cheque Book facility available *
  • ATM cum Debit Card available *
  • Internet Banking available *

*These facilities will be available with the permission of the court only. By default, such facilities would not be made available. 


Eligibility

  • All Individuals including Minors (through guardian) having valid KYC documents are eligible to open account in single name.

Other conditions

  • A suitable certificate /undertaking (enclosed as Annexure II) that “funds are being withdrawn for the benefit of the Minor” to be obtained from the guardian, in case of withdrawal from the Minor’s account.
  • The operations in the account should be stopped in the event of the death of the guardian.
  • Compliance of KYC guidelines to be meticulously ensured.

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Last Updated On : Monday, 01-03-2021

Interest Rates

2.70% p.a.

Upto 1 lakh(w.e.f. 31.05.2020)

2.70% p.a.

Above 1 lakh (w.e.f. 31.05.2020)

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