This a unique scheme offered by our society. We are the one who introduced this product to the market. Under a Hriday Anand (PIP) Saving Scheme; investor invests a specific amount in a Society on a monthly basis for a fixed amount and for fixed tenure or paying period to have the pension (Interest) on monthly basis after the end of paying period.
The deposit has to be done for fixed period thereafter the member enjoy the pension amount every month till he is alive, at the end of Minimum pension period he is eligible to avail the maturity benefits. Pension plan provides you the element of compulsion to save at attractive rate of interest applicable from time to time along-with liquidity to access that savings any time.
Tenure Ranging from 6, 10, & 15 Year.
Withdrawal Facility after paying period .
Minimum Pension Period 5 years.
Minimum investment amount is Rs. 500,400 & 300 or in same multiple thereof.
Monthly PIP amount can Be transferred from the Associate Banks accounts.
A single Member adult or two Member adults jointly.
A guardian on behalf of a minor or a person of unsound mind.
In this plan Maturity can be decided by the member after completion of Minimum pension period. His maturity is payable after 30 days of written notice after MPP.
His maturity is payable after 30 days of written notice after completion of MPP. He can withdraw amount from his account after 11, 15, & 20 Years.
He also has an option of withdrawn after the completion of paying period till the pension starts.
Equal monthly deposits shall be made in an account in multiples of Rs.100 subject to a minimum of Rs. 500,400 & 300.
Any time during the tenure of Jeevan Anand (PIP) Top up can be done of any amount max to 4 times in a year and 60 days before the maturity.
Switching facility provides the continuation of Jeevan Anand (PIP) after maturity in that you have an option to increase the tenure from one to another. Wherein you get the higher rate of interest benefits.
The delay payments will be liable for 1.5 % penal fees .Accounts can be regularized after paying the penal fee.
Your deposit will be available to you, should you need them in case of an emergency. You can avail upto 75% Loan against your term by paying extra interest above your deposit rate. This facility is available after payment of 12 installments and above rs.1000 or more.
Depositor is provided with a pass book with entries of the deposited amount and other particulars duly stamped by the Branch Office.
Premature closure of accounts is permissible as per the norms of the society.
No TDS deduction on Interest earned.