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ING has a portfolio of banking solutions and a
range of offerings for people from all walks of life, with a view to making
banking an effortless task. Whether you require a simple savings account or a
sound banking partner, ING has the perfect solutions and products to
ensure a wealthy future.
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Savings
Account
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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.
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A few concepts about the Savings Accounts are explained below:
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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)
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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.
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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.
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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.
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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.)
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6. Interest earned on Savings accounts is exempted from Tax
deduction at source, for resident Indians.
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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)
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Current
Account
Small, medium and large businesses
alike will find that ING'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.
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Term
Deposits
ING'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
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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.
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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.
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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
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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.
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Demat
Account
The ING 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.
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