In an attempt to help holiday goers to help save for the most sought after holidays, SBI in partnership with Thomas Cook, has designed a unique RD account. The account is generated in the name of the account holder as per the website of SBI sbi.co.in.
Here are given the key features of the account:
1. Interest rate: The savings account comes with a tenure of 1 year and the monthly contribution towards the RD account is decided by the travel partner on the basis of the package chosen by the customer.
Further the interest rate payable on RD account is the same as that provided on account with tenure of 1 year but less than 2 years. The return is 6.8% . And if the account opening individual is aged 60 years and above as on the account opening date then he or she is eligible to earn a higher rate of interest.
2. TDS amount is deducted on the basis of the customer information file or CIF value. And so the amount transferred towards the travel package to Thomas Cook is lesser.
3. Penalty of Rs. 1.5 for every Rs. 100 is charged as penalty for any delay on a per month basis.
4. Premature closure of the e-RD account is allowed and the penalty amount as applicable will be charged. And on redemption thus, the amount shall be credited to the bank account from which the holidays savings account was funded.