Define Millionaire Deposit Scheme (MDS) with its feature and benefits

Definition of Millionaire Deposit Scheme (MDS)

Millionaire Deposit Scheme (MDS) Account is a time specified monthly deposit scheme for clients where the deposited money will become one million on maturity.

Features and Benefits:
1. Tenor: 4, 5, 6, 7, 8, 9 and 10 year’s term;
 

2. Deposit on monthly installment basis;
 

3. Attractive rate of interest;
 

4. Account can be opened at any working day of the month;
 

5. Monthly installment can be deposited through a standing debit instruction from the designated CD/SB Account;
 

6. Monthly installment can be deposited in advance;
 

7. An account can be transferred from one branch to another branch of the bank;
 

8. Credit facility for maximum of 2 years can be availed at any time during the period of the scheme;
 

9. Allowed to open more than one MDS Account for different amount at any branch of the Bank;

But these features and benefits can be varied bank to bank.