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FAQs: |
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| 1. |
Do I need to open fresh deposit for ING Active Deposit? |
| 2. |
Whether any charges are applicable to avail ING Active Deposit ? |
| 3. |
What is withdrawable/usable amount in my ING Active Deposit? |
| 4. |
Do I get the contracted rate of interest on the part-withdrawn amount ? |
| 5. |
How do I know that the matured deposits are auto-renewed? |
| 6. |
How do I know balance in my ING Active Deposit ? |
| 7. |
Do I get Statement of Account reflecting the transactions in my term deposit accounts held under ING Active Deposits? |
| 8. |
Can I have ING Active Deposit feature in my joint CASA account? |
| 9. |
Can I have a pool of CASA accounts linked to pool of TD accounts under ING Active Deposit ? |
| 10. |
Can I opt out of ING Active Deposit? |
| 11. |
Can I specify a different CASA account for credit of interest on fixed deposits? |
| 12. |
Whom do I contact for more information on ING Active Deposit? |
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| 1. |
Do I need to open fresh deposit for ING Active Deposit?
No. Your existing account can be converted for ING Active Deposit. |
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| 2. |
Whether any charges are applicable to avail ING Active Deposit?
No charges are applicable to avail ING Active Deposit. |
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| 3. |
What is withdrawable/usable amount in my ING Active Deposit?
Funds available in Savings account (ledger balance) plus 90% of deposit amount together would be available for withdrawal (Available Balance). |
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Example: As on 1st Sept-2010 |
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| SB Balance |
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Rs.10,000 |
(A) |
| Term deposits |
Original amt |
90% value |
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| a) 123456789012 |
Rs.20,000 |
Rs.18,000 |
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| b) 234567890121 |
Rs.20,000 |
Rs.18,000 |
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| c) 345678901212 |
Rs.20,000 |
Rs.18,000 |
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| Total |
Rs.60,000 |
Rs.54,000 |
(B) |
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(A) is called “Ledger Balance” - Rs.10,000
(A)+(B) is called “Available Balance” - Rs.64,000 |
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Thus, the funds available in the account would be Rs.64,000/- |
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| 4. |
Do I get the contracted rate of interest on the part-withdrawn amount ?
No. In case of part withdrawal or premature withdrawal of deposit, interest will be calculated at the retail deposit interest rate applicable for the period for which the deposit remained with the bank less pre-closure penalty (1%) as per rules of the bank or the originally contracted rate whichever is lower, irrespective of the amount of deposit. |
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| 5. |
How do I know that the matured deposits are auto-renewed?
As per the present practice you will get the a confirmation by post about the auto renewal with all the relevant details such as next date of maturity, rate of interest, maturity value, etc. |
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| 6. |
How do I know balance in my ING Active Deposit ?
You have the following options to know the balance in your ING Active Deposit. |
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| a) |
Access through ATM. |
| b) |
Log-in to mi@bank. |
| c) |
Walk into any of our branches. |
| d) |
Call Phone Banking on 1800 425 9900. |
| e) |
On your cell phone if you have opted for mobile banking service. |
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| 7. |
Do I get Statement of Account reflecting the transactions in my term deposit accounts held under ING Active Deposits?
Yes. Separate Statement of Account would be provided for every term deposit under ING Active Deposit. |
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| 8. |
Can I have ING Active Deposit feature in my joint CASA account?
Yes, provided the Mode of operations, Relationship codes and CIF order should be same in CASA and TD accounts. |
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| 9. |
Can I have a pool of CASA accounts linked to pool of TD accounts under ING Active Deposit ?
No. Specified term deposits will be linked only to a specified CASA account only. |
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| 10. |
Can I opt out of ING Active Deposit?
Yes. You can opt out of ING Active Deposit, for which you need to request the Bank in the specified format/letter. |
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| 11. |
Can I specify a different CASA account for credit of interest on fixed deposits?
No. The interest on linked fixed deposits would be credited to the linked CASA account only. |
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| 12. |
Whom do I contact for more information on ING Active Deposit?
You may contact any of our branches for this. Alternatively, you may call our Phone Banking on 1800 425 9900. |
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