Canara Bank MACAD Term Deposit Account or Motor Accident Claim Annuity Deposit (MACAD) – Canara Bank has introduced a term deposit product for the compensation amount awarded by tribunals / Courts to victims / claimants of motor accident to Term Deposits and repayment of the same in monthly annuity installments (comprising part of principal amount along with interest) through Savings Deposits Account.
This is useful for the beneficiaries of motor/ railway accidents.
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Scheme Features | Particulars / Details |
Scheme | Scheme Code: MACAD Scheme Name: Motor Accident Claims-Ann. |
Purpose | One-time lump sum amount, as decided by the Court / Tribunal, deposited to receive the same in Equated Monthly Instalments (EMIs), comprising a part of the principal amount as well as interest. |
Eligibility | Individuals including Minors through guardian in single name. |
Mode of Holding | Singly |
Type of account | Motor Accident Claims Annuity (Term) Deposit Account (MACAD) |
Deposit Amount |
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Tenure |
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Rate of interest | Prevailing rate of interest as per Tenure. |
Annuity Payment | Branches have to compulsorily open MACT Saving Bank account before opening of MACAD annuity deposit account. Annuity payment should be credited in MACT Saving Bank account only. |
Receipts/ Advices |
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Loan Facility | No loan or advance shall be allowed. |
Nomination facility |
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Premature Payment |
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Tax deduction at source |
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