Tailor-made Deposit Schemes :
Almost all banks have designed different schemes with different names which have a combination of two or three deposit schemes as mentioned above. These schemes are prepared as per the requirements of a particular customer.
For example: One person approaches the bank and says that yesterday he has been blessed with a girl/boy baby and he wants to save for his/her educational and marriage expenses. Looking to the amount required for education and marriage after a certain period as per the normal age of marriage, the Bank will suggest him a scheme of Recurring Deposit plus Special Term Deposit. A few schemes are enumerated below:
(a) Advantage Deposit
Advantage Deposit is a combination of fixed deposit and mutual fund investment, offering you the safety of a fixed deposit and the returns of an equity fund. Advantage Deposit counters equity-market fluctuations through Systematic Investment Plans
– Combination of a Fixed Deposit (with monthly interest payout) and Systematic Investment Plan (SIP) of a Mutual Fund.
– Re-investment of monthly interest payout of Fixed Deposit into systematic investment plan of Mutual Fund.
– Automatic debits to account through Standing Instruction / ECS debit mandate
(b) Child Education Plan
“Child Education Plan”, is a unique way to save for child’s future.
To fulfill child’s dream & aspirations, begin by making small investments in a Recurring Deposit for a short tenure and receive regular payouts for the rest of the tenure in child’s school/college life.
If a child is in kindergarten, a person can invest regularly for the next 5 years and this investment plan will take care of his primary education.
If a child is in secondary school, just invest Rs. 3,500 (per month) for the first 6 years, in a plan of 10 years’ tenure. Get an annual payout of more than Rs.1 lac (depending upon the prevailing interest rates) for the next 4 years and fulfill the dream of seeing the child graduate from a great college.
Eligibility
Child Education Plan can be opened for only minors (1 day to 18 years) under a Guardian (natural / court appointed). The minor needs to have a Savings Account with a bank
(c) Insurance-linked Deposit Schemes
Some banks have designed certain schemes which provide personal accidental insurance to the savings bank depositors free of cost or at a nominal rate under group insurance scheme. These marketing strategies are adopted for a limited period during a special deposit mobilization campaign so as to have an edge over in the competitive position. This gives an attraction to the new depositors and a few people tend to shift their accounts from one bank to another. For example : HDFC is giving free personal accidental insurance to its depositors with certain conditions. One Regional Rural Bank is providing free accidental insurance to a new depositor during the first year and, thereafter, the bank charges Rs. 5 for Rs. 50,000 personal accident insurance. Recently, Standard Chartered Bank launched a savings account with cricket as the theme. Account-holders will score ‘runs’ for the transactions, which can then be redeemed for gifts such as tickets for cricket matches played in India, autographed cricketing merchandise or sporting equipment from Nike.
(d) Deposit Schemes for a particular type of Segment clients:
Banks have special deposit schemes for senior citizens, school going children and women. Some banks pay more interest if the term deposit is in the name of a woman. Some concessions in regard to minimum balance requirements and service charges are given to a particular segment client like salaried persons, army personnel.