What is ROI payble to NRI terms deposit closed before 1 year from the date of deposits

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Zero
B	As per ROI prevails in that day minus 1% penality
C	As per contractual Rate
D	None of the above

Explanation:

Detailed explanation-1: -On pre-mature withdrawal of the deposit (after completion of 1 year), interest will be paid at applicable rate for the period the deposit has actually remained with the Bank or contracted rate less Premature Penalty of 1%, whichever is lower.

Detailed explanation-2: -After completion of 1 year: On premature withdrawal of the deposit, interest will be calculated at the rate applicable for the period for which the deposit was held with the Bank or contracted rate of the deposit whichever is lower and no penalty will be levied.

Detailed explanation-3: -No interest will be payable on term deposits prematurely closed/prematurely extended before completion of 7th day. A penalty of 1.00% is applicable on Term Deposits under Capital Gains Account Scheme-1988, which are prematurely converted/withdrawn/closed, irrespective of the size of the deposit amount.

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