AB Freedom Deposit Combination of Saving Bank and Term Deposit with the Auto Sweep and Reverse Sweep facility, where by the money in your saving bank account in excess of pre-set limit of Rs.5000 is automatically transferred to fixed deposit in units of Rs.1000 each (minimum number of units for such transfer is fixed as 5 i.e. Rs. 5000/)

Options

• AB Freedom Fixed Deposit (ABFFD) for 15 days to 120 months.
• AB Freedom Re investment (ABFRI) for 6 months to 120months.

With

• Fixed period for all the deposits.
• Maximum interest rate for Minimum period or
• Fixed maturity date for all the deposits (only for ABFFD)

Features

• Minimum balance for the account is Rs. 5000/-
• The rate of interest applicable to the ABFSB is that of Saving Bank account and to term deposit the rate applicable for normal term deposit.
• Complete Liquidity: The deposits get broken in the multiple s of Rs.1000 on
  LIFO (Last in First Out) basis, while the remaining deposit continues to earn
  full interest.
• No Penalty on premature withdrawals of deposit units
• ATM / Debit Facility available
• No documentations for cancellation of deposits.
• The option for (i) type of term deposit, (ii) Period of deposit or (iii) interest payment, once given can be changed at any time. The changed option shall be applicable for future transactions.
• All other terms and conditions applicable to Savings Bank Scheme shall be applicable to AB Freedom deposit Scheme.

Who Can Apply : -

• Individuals in single name or joint names.
• Organizations, which are permitted to open savings Bank Account as per RBI guidelines.

Restrictions in case of Minors:-

• Special Minor account cannot be opened.
• Joint account for minor and person other than the guardian is not permitted.
• Joint account for minors represented by other than natural guardians is not permitted.