You are required to have either a savings or a current account with NIB Bank to book the NIB Prime term deposit.
You can avail a cash secured facility (running finance) of upto 90% of the NIB Prime term deposit.
Term Deposit - Premature Encashment
In case of any request for premature/ early termination of the NIB Prime TERM DEPOSIT, the processing for termination may take up to five (5) working days from the date of request for early termination.
In case of premature encashment, the applicable rate of expected profit to be paid to the depositor shall be calculated on the basis given as below:
Premature Encashment – 5% annual
Any adjustment required to arrive at applicable rate of expected pre-mature encashment profit may be made from the accrued profit and/or principal amount of the NIB Prime TERM DEPOSIT in the event that the available cash in the customer account is less than the required adjustment amount.
Profit payment will be made monthly. Zakat and withholding tax will be deducted as per regulations. Religious and Government exemptions are also applicable
