Deposit-in-Trust means the prize money, in full/part entrusted to the Company (depending on the future liability) by the prized subscriber of a chitty as security against future liability intending to withdraw the same on furnishing adequate alternate security or repayable on termination of the chitty. However, amount deposited under this scheme should not exceed the future liability in the chitty.

Period of deposit

Minimum - 30 days

Maximum - Till the date of termination of chitty only.

Rate of interest

Deposits for 30 days and above but less than 1 year - Rates applicable for Short Term Deposits

Deposits for 1 year and above is 10% upto Rs 1 lakh.Interest rate of deposits of Rs 1 lakh and above is 10.25% per annum.

Interest rate of Chitty security deposits in Trust(CSDT) under special campaigns (PonnonaChittikal-2008 and PravasiBandhuChittikal-2008)is 10.5% per annum.The rate of interest for senior citizens also is 10.5%.

Due to the monthly payment of interest, the effective rates are higher than that offered by nationalized and scheduled banks

 

To avail this facility, please check our branch list and get in touch with the branch
which is most convenient for you.