ING VYSYA - Retail Banking - Accounts & Deposits

Savings Account

The Savings accounts are primarily meant to inculcate a sense of saving for the future and take care of individuals day to day banking requirements. These accounts are meant to help individual customers protect their money. The Savings Accounts also help individuals to handle their financial transactions through a systematic banking channel. This increases the safety as customers need not carry physical cash with them.

A few concepts about the Savings Accounts are explained below:

1. Quarterly Average Balance (QAB) - The sum of end of day balances for a quarter (90 days) are taken and divided by the number of days in the quarter (90). The resultant value is the quarterly average balance for that quarter. (90 days/ 3 months)

2. Service Charge for non maintenance of Quarterly Average Balance (QAB) - Where the quarterly average balance is not maintained in the account, there is a service charge applicable as per the product features.

3. Interest on deposits held in Savings Bank accounts - The interest payable on a Savings Bank account is regulated and prescribed by the Reserve Bank of India. It is the same across all Scheduled Commercial Banks and is currently at 3.5 % per annum.

4. Interest Calculation on deposits held in Savings Bank accounts - The interest on deposits held in a Savings Bank account is calculated based on the lowest balance held in the account on any day, between the 10th and the last day of the month.

5. Interest Disbursement - Savings Bank interest is credited to the customer's savings account twice a year at half yearly intervals. (Last day of February and last day of August in each financial year.)

6. Interest earned on Savings accounts is exempted from Tax deduction at source, for resident Indians.

7. Certain banking terminologies related to a Savings account:

     a). D.D - Demand Draft. (Instrument where, the funds are paid out, On       Demand, issued outside location of the branch)

     b). P.O - Pay order. (Instrument where, On Demand, the funds are      paid out, Local)

     c). PAP Cheques - Payable at Par Cheques / Multi-city cheques.

     d). RTGS - Real Time Gross Settlement. (Transfer of funds      electronically. Value > 1lakh)

     e). NEFT - New Electronic Fund Transfer. (Transfer of funds      electronically. Value < 1 Lakh)

Current Account

Small, medium and large businesses alike will find that ING Vysya Bank's current account offerings come with all the benefits needed to stay ahead of competition. Whatever the size or scope, you will find a current account option exclusively designed for you.

Orange Current Account Advantage Current Account

General Current Account Comfort Current Account

Term Deposits

ING Vysya Bank's attractive interest rates on term deposits help you fulfill your needs and keep your savings secure at the same time.

General Guidelines on term deposits

	Interest calculation methodology : On deposits opened for periods of a. less than six months, the interest shall be paid for actual number of days on the basis of 365 days a year b. six months and above, interest shall be calculated for completed months and the actual number of days if the terminal month is incomplete, on the basis of 365 days a year. In case of deposits opened for complete months, interest would be calculated for the number of months. E.g. 6 months, 8 months etc. Under reinvestment deposit (Akshaya) of 6 months and above tenors, the interest is calculated on a quarterly compounded basis and therefore, the annualised yield would be higher than the offer rate. Example: One year Term Deposit - Rs.10, 000/- in reinvestment deposit (ADR); Rate of interest: 10.25% p.a. will earn interest of Rs.1065/- which works out to an annualised yield of 10.65% upon maturity, as per the calculations given hereunder. Deposit Amount : Rs.10,000/- Rate of interest : 10.25% per annum Maturity Value : Rs.11,065/- Annualised yield : 10.65% (Rs.1065/Rs.10,000/-)
	Premature closure a. Premature closure of deposit is done only upon specific request from the customer. b. Interest is payable at the rate applicable, as on the date of the deposit, for the period the deposit has remained with the bank, less 1% (subject to change from time to time) c. Interest calculation methodology explained above would be followed in case of premature closure of the deposits also.
	Renewal of deposits a. When a deposit matures for payment, the depositor may prefer to continue/renew the deposit in the bank for a further period. b. The provision of automatic renewal is available under Fixed and Reinvestment Deposit (Akshaya) schemes and is not available under Cumulative/ Pragathi Deposit schemes. c. Depositors under Cumulative and Pragathi deposit schemes may opt for transfer of the maturity proceeds to Fixed or Reinvestment Deposit schemes on maturity, for which fresh account opening form should be furnished. d. Depositor can give auto renewal instructions either for a similar period for which the deposit has been originally contracted or for a different period. e. Instructions to renew from the maturity date would be accepted (a) At the time of placing the deposit or (b) at any time before the maturity of the deposit / on the date of maturity or (c) within 14 days from the date of maturity of deposit
	Overdue Deposits The deposit which remains with the bank without renewal or maturity instructions, will be treated as Overdue Deposits and shall not earn any interest from the date of maturity.

Demat Account

The ING Vysya Bank Demat Account offers you a secure and convenient way to keep track of your shares and investments, how much you've bought and sold over a period of time, without the hassle of handling physical documents that get mutilated or lost in transit.

Demat Account