Preferred Service Account (PSA): 

1. Preferred Service Account (PSA): 

Features and conditions:

1. Branches can open PSA account for Individual at the prevailing minimum interest rate without obtaining permission from the Competent Authority of Head Office. PSA account for Individual having interest rate above minimum but within range will be opened after obtaining approval from the Competent Authority of Head Office like Corporate.
2. In case of PSA account for Individual, interest will be paid monthly on daily product basis.
3. All other features of the account will remain unchanged until further notification.

Instruction:

1. Branches will categorize / mark PSA accounts either “Individual” or “Corporate” while opening the account as well as existing accounts.
2. Branches will open the account with proper due diligence complying Anti Money Laundering guidelines.

Notes:

1. In case of providing credit facilities against scheme deposits opened from 15 May 2024, above stated interest rates are to be used in determining Minimum Lending rate.
2. Other than the revisions mentioned above, all other features of the respective scheme deposit will remain unchanged until further notification.
3. The Scheme Deposits opened on or before 14 May 2024 will continue as it is. Revised interest rate and payment schedule and tenure will be applicable for those scheme deposits opened / renewed from 15 May 2024.
4. Excise Duty, VAT & Income Tax are to be realized from the account as circulated by the Government time to time.
5. 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.
6. Installment amounts of Scheme Deposits have been rounded off.