Motor Accident Claims Annuity (Term) Deposit Account (MACAD)

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Motor Accident Claims Annuity (Term) Deposit Account (MACAD)

Features

  • 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.
  • Deposit Amount Maximum: No Limit
  • Minimum Deposit Amount – Based on minimum monthly annuity payment of Rs. 1,000/- for the relevant period.
  • Tenure 36 to 216 months as per directions of Tribunal/Court.
  • In case the period is less than 36 months, normal Term Deposit will be opened.
  • Prevailing rate of interest as per Tenure. The rate of interest applicable for a tenure of 120 months will be made applicable for deposits having maturity period exceeding 120 months or as decided by the Bank from time to time
  • No Receipts will be issued to depositors.
  • 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.
  • No loan or advance shall be allowed against the Annuity deposit.
  • Nomination facility Available
  • MACAD shall be duly nominated as directed by Tribunal/Court.
  • Payment of annuity will start on the anniversary date of the month following the month of deposit. If that date is non-existent (29th, 30th & 31st), it will be paid on the 1st day of the next month.
  • Annuity payment/ Premature closure payment/ Part lump sum payment will be made only through linked MACT claims SB account.
  • Account Transfer not allowed without the permission of Tribunal/Court
  • Mode of Holding Single

Eligibility

  • Individuals including Minors (through guardian) in single name.

Terms And Conditions

  • Premature closure or part lumpsum payment of MACAD will be made with the permission of Tribunal/Court.
  • Premature closure penalty will not be charged.
  • In case of premature closure, rate of interest will be applicable for the period the annuity deposit has remained with the Bank. Excess interest paid, if any, will be recovered from the principal amount outstanding in the account. If principal amount is not sufficient to recover the excess interest paid, then premature payment will not be allowed.
  • Similarly, in case of part lumpsum payment, the excess interest paid, if any, will be recovered from the residual balance before making the payment. Thereafter, annuity deposit for the balance shall be made for remaining tenure at the interest rate applicable on the date of reissue. If residual balance is not sufficient to recover the excess interest paid, then part lumpsum payment will not be allowed. If remaining tenure is less than 36 months, normal Term Deposit will be issued.
  • In case of death of the claimant, payment to be given to the nominee. The nominee has the option to continue with the annuity or seek pre-closure.
  • 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.

Last Updated On : Wednesday, 17-08-2022

Interest Rates

8.50%* p.a. onwards

w.e.f. 05.04.2024

*T&C Apply.

 

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