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Soneri Premium Deposit

Soneri Premium Deposit is offered by Soneri Bank to individuals (in single or joint names), Minors (to be operated by the guardian), Charitable Institutions, Provident Fund and other funds of benevolent nature, local bodies, Autonomous Corporations, Limited Companies, Firms, associations, Educational Institutions, Clubs etc. who have the intention of retaining their savings for a fixed period of 12 months thereby earning a most lucrative rate of return thereon. The depositors have the option to reinvest the deposit automatically with or without profit.

Minimum Deposit Amount: Rs.25, 000-

Annualized rate of Return (Provisional): 12.00% p.a. (Discontinued for fresh Deposits Effective: 1-July-2011)

Profit Payment Frequency: Annually at maturity of Deposit

Automatic Renewals: Upon maturity, your deposit is automatically renewed for further 12 months at Provisional Profit rates prevailing on such renewals unless you instruct otherwise.

Pre-matured Encashment: In the event of pre-mature encashment of the deposit any of the following options are available for profit payment thereon:

  1. Our declared Profit Rates for our Term Deposits for tenor similar to the period Soneri Premium Deposit being pre-mature en-cashed remained with the Bank.
  2. Profit payment at the Provisional Profit Rate prevailing on the date of acceptance of Deposit (agreed Profit Rate) subject To recovery of Surcharge @ 1% on the amount being en-cashed for re-investment in our other Term Deposit Schemes OR Surcharge @2% on amount being en-cashed and NOT re-invested in our other Term Deposit Schemes.

Financing Facility: You may use your Soneri Premium Deposit as collateral to apply for financing facility from the Bank.

  • Govt. Withholding Tax apply on all cash withdrawals over Rs.25, 000- and profit credited into account.
  • Zakat on deposit is recoverable however Zakat exemption Forms are accepted.

SHARING PROFIT/LOSS:

  • Provisional Profit Rates are announced on a six monthly basis however profit/loss earned/ incurred on Soneri Premium Deposit are determined by the Bank at its sole discretion on the basis of its net working result at the end of each half year/year.
  • Calculation of profit on Soneri Premium Deposit is computed on a daily product basis.