Gen-Next Junior (Saving Account)

Product Nature

• This is a Special kind of Savings Bank Deposit product for children to be made available in Gen-Next Pune
branch.

Target Group

• Children upto 18 years of age.

Minimum Amount & Balance

• QAB: Rs 500/-

• Charges for non-maintenance of QAB is Rs 50/ per quarter only.

Maximum Amount

• In case of joint accounts with parent and minors (with sole account) above 14 years, there is no ceiling on
the maximum amount.

• An account in the sole name of minor above 10 years and below 14 years, maximum limit is Rs 1 lakh.

Single / Joint Accounts

• In case of minor below 10 years the account shall be opened jointly with parents / guardian.

• Minors above 10 years (below 18 years) can open the account in their sole name subject to :
Minor is able to read and write any of the recognized languages, and

• Capable in the opinion of the Bank officials of understanding the what he / she is doing and SB account
rules and regulations.
Gen-Next Lifestyle

Type Of Facility

• Term Loan (Combo Pack)

Purpose

• Purchase of Home Furnishings / Consumer Durable goods (includes color T.V., video camera / refrigerator /
washing machine / music system / air-conditioners / cooking system etc).
• Purchase of vehicle i.e. two-wheeler / four-wheeler.
• Purchase of Laptop / PC.
• Purchase of any new electronic gadgets like Mobile, i-Pod, Handycam etc.

Target Group

• Working executives / professionals.

Eligibility

• Should be an Indian National

• Permanent Employees of State / Central Government, Public Sector Undertakings, Semi government
Organization, State / Central Govt. Corporations, Urban Development Authorities, Educational Institutions,
Universities. Regular Employees of MNCs, Public Ltd Companies with minimum two years experience out
of which minimum one year service with the present organization.
• Employees of Private Limited Companies, Regional head will permit on case-to-case basis.

Present gross annual emoluments / income of the applicant should not be less than Rs. 2.50 lacs.

Age

• Minimum – 21 years

• Maximum – 45 years

Maximum Loan Amount

Subject to maximum of:

• Furniture & Fixture / New Consumer Durables : Rs. 2 lacs

• New Vehicle (Four Wheeler) : Rs. 6 lacs (Two Wheeler) : Rs. 1 lac
• Old Four Wheeler (Not more than 3 years old) : Rs. 4 lacs
• New modern gadget/s : Rs. 1 lac

Aggregate loan amount should not be more than Rs. 8.00 lacs.

Subject to:

• 24 times gross Monthly income.

• Total deductions including EMI of proposed loan should not exceed 60% of the gross income.
Margin

• Furniture & Fixture / New Consumer Durables : 20%

• New Vehicle (Two wheeler / Four wheeler) : 15%
• Old Vehicle (Four wheeler only) : 40%
• New Modern Gadgets (Including Laptop / PC) : 20%
Gen-Next Power (OD Facility)

Product Nature

• This is a special Savings Deposit product having an in built feature of overdraft facility to be available at
Gen-Next Pune branch.

Target Group

• The product is targeted to working executives and other working professionals.

Our Bank’s Staff members are not eligible to avail the product.

Minimum Amount & Balance

• There is no minimum balance requirement in the account and as such no service charges shall be levied
towards this.

Maximum Amount

• There shall be no ceiling on the amount to be deposited and credit balance in the account.

Eligibility Criteria

• Permanent Employees of State / Central Government, Public Sector Undertakings, Semi government
Organization, State / Central Govt. Corporations, Urban Development Authorities, Educational Institutions,
Universities. Regular Employees of MNCs, Public Ltd Companies with minimum two years experience out of
which minimum one year service with the present organization.
• Employees of Private Limited Companies, Regional head will permit on case-to-case basis.
• Minimum age of 21 years.
• Minimum take home Salary should not be less than Rs. 10,000/-.
• Maintaining satisfactorily conducted salary account with the Bank at least for three months.

Special Feature
The branch SHALL offer Overdraft facility (Clean/unsecured) to employees who fulfill the eligibility criteria mentioned
above to meet out their regular short-term personal / family needs.

Overdraft Facility
Maximum Age: 45 years. (This product is meant for youth)

Amount: 5 times of net take home monthly salary subject to:

 Min Rs. 50,000/-

Max Rs. 2.00 lacs, subject to condition:

Risk Rating Category “A” & “B” Rs. 2.00 lac

Category “C” Rs. 1.00 lac

Category “D” NIL.

For credit rating purpose, model meant for personal loan will be taken into consideration.
PROCESSING & DOCUMENTATION CHARGES:
0.50% of limit sanctioned / reviewed subject to minimum of Rs. 250/- + service tax as applicable.

Security Documents:

• D.P. Note.
• Letter of continuing security.
• A stamped undertaking from the employee authorizing the employer to remit the salary every month to the
bank for credit of specified SB / Current Account during the currency of the OD facility and also to deduct
from the retirement / terminal benefits, the outstanding overdraft amount with the interest in case of
retirement / resignation / cessation of employment for any reason. A copy of the undertaking duly
acknowledged by the employer has to be kept on branch.
• Third party guarantee having adequate net worth. Cross guarantee may be accepted.

Rate of Interest:
1.5% above BPLR i.e. 13.5% p.a. with monthly rests. A Minimum interest of Rs. 10/- shall be charged during a month
if OD is availed. Period: 12 months, subject to annual review.

Other Conditions:
The account is to be brought into credit once in a year.

Interest Rate On Credit Balance In The A/C.

Interest shall be payable on credit balance in the account as per savings bank account rules viz. relating to
periodicity, rate and system of application of interest, computation of eligible balances etc.
Gen-Next Suvidha

Product Nature

• This is a Recurring Deposit product enabling the customer to make regular savings on monthly basis and
earn higher interest.

Customer Segment

• Individuals in their single / joint names.

• Minors of age 10 years and above jointly with their parents / natural guardians.
• Minors below 10 years age through their parents.

Minimum / Maximum Amount

• There is no minimum balance requirement in the account and as such no service charges shall be levied
towards this.

Maximum Amount

• “Gen-next Suvidha” Account can be opened with monthly installments of Rs.100/- or above & in multiples
thereof with a maximum of Rs.10, 000/- per month.
• The number of installments can range from 12 to 36 months (In multiples of 3 months).
• The depositor shall, at the time of opening the account, stipulate the amount of core monthly installment and
the number of installments payable by him which shall not subsequently alter.
• The depositor is given an option to deposit higher monthly installment in the account as and when available
and the maximum amount should not exceed Rs. 10,000/- per month. However, monthly installments paid
during the time gap of less than 24/12 months (depending upon the period chosen) at the ending stage of
the account’s tenure, shall not exceed in any month three times the core monthly installment or Rs. 10,000/-
whichever is less.

Rate Of Interest
As decided by bank from time to time for Term Deposits of same tenure.

Loan Against Deposit

• Loan can be considered against the deposit in the account in accordance to normal guidelines for advances
against Recurring Deposit.
• Interest shall be charged on such loan at the rates advised from time to time on Loan against Bank’s Own
Deposits.