What is the Holiday Saving Plan
IndusInd Bank Limited (IBL) and Thomas Cook,India (TC) are collaborating to offer a unique savings plan for holiday goers. The Holiday Saver proposition as it is being named allows individuals to do small savings on monthly basis to avail a vacation package to specific domestic/international destinations.
The product construct is based on the recurring deposit which is opened with the bank.
Please call up the THOMAS COOK Help line 1800 266 7500 for enrollment.
Ideally, there won’t be any such flexibility on the same, but will be evaluated on a case to case basis, but the customer will have to pay any extra charges that might come up, since the original contract is not adhered to.
No. There is no penalty. We want the customer to enjoy the benefits at his / her will.
We are evaluating a possibility to offer either 15th Month or 18th month as the last date to travel at the committed rates for the selected package.
In this case, it becomes a pure RD product and the bank / RBI rules and regulations will apply and Thomas Cook will have no control over it.
Ideally, not possible, but if the customer is willing to pay the additional charges that might apply due to change of plan, we will consider it on a case to case basis.
Customer gets a welcome kit, which will have the booking form and all the product benefits and the holiday packages that the customer can select.
We will have a constant SMS / Email communication plan which will keep the customer updated on what one stands to get and create excitement about the holiday he / she is looking forward to.
Changing the package / plan might lead to change in the package rates, but if the customer is willing to pay for additional charges, if any, then one can make the changes.
Yes , Minor can apply on his own if age is greater than 10 years . Younger minor can apply jointly with the guardian.
You will get 0.5 % additional interest rate on your RD account that is opened with the bank, which contributes towards paying the cost of your holiday.
Once the holiday is confirmed by customer ( within 3 months) we block the hotel and airlines at pre approved rates ( current year vs next year) The old catch is that if the customer doesn’t take the holiday Thomas Cook will end up with a loss, as the liability and risk rest with us
A monthly deposit of a pre-fixed amount is made in the Recurring Deposit account. On maturity, you get back the amount you deposited, along with interest calculated at the rate applicable at the time of opening your account.
Yes, you can open a Recurring Deposit in a joint name.
The first applicant can be a minor. If the minor is above the age of 10 he /she can operate the account independently, for minors of age less than 10 years the account will be opened under guardianship of natural guardian
Premature withdrawals are allowed, but remember that no partial withdrawal is permitted.
There is a penalty of Rs 1.50 per Rs 1000 per month which is levied on unpaid installments. If six consecutive installments are unpaid, the Bank reserves the right to close the RD account. The interest rate applicable on such closed accounts will be as per the premature withdrawal policy of the Bank.
If you choose to close your RD account prematurely, the interest will be paid @adjusted rate. The adjusted interest rate calculation will be as follows: -
Right now there is no overdraft facility for Recurring Deposits.
Partial payments are not possible.
If you wish to prematurely liquidate your Recurring Deposit. We request you to submit your Recurring Deposit advice or written instruction, duly signed by all account holders, at the branch for premature liquidation of your Recurring deposit.
Alternatively, you can liquidate your Recurring Deposits through NetBanking. This facility will be available for Recurring Deposit held under "Sole Owner (SOW)" relationship only and which are booked from Singly Owned Savings or Current Accounts.
Yes, there is a nomination facility on the Recurring Deposit account.
No. Interest is only paid when the Recurring Deposit account is closed, and on maturity.
No it is not possible to change the tenure and installment due date, (auto debit date). We request you to open a new Recurring Deposit with the desired due date and tenure.
The date of your monthly RD installment will depend on the date you opened your RD account.
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