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SBI Motor Accident Claims Annuity (Term) Deposit Account (MACAD)
The SBI Motor Accident Claims Annuity (Term) Deposit Account (MACAD) is a specialized savings account designed to hold and manage compensation amounts awarded to victims of motor accidents. The account provides for a systematic repayment of the principal amount and interest in monthly annuity installments.
Guaranteed Return
Includes Life Cover
Completely Tax Free+
3 Benefits, 1 Plan
Maximum returns offered by:
6.9%* (Tax-Free)
Guaranteed Plan
(By Insurance companies)4.6%* (After Tax)
Fixed Deposit
(Offered by Banks)4.0%*
Savings Account
(Post Office)Get Guaranteed returns upto 6.9%*
Fully Tax-Free, Life Cover Included
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FD Interest Rates
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SBI FD Interest Rates
- SBI Motor Accident Claims Annuity (Term) Deposit Account (MACAD)
SBI FD Interest Rates
| Tenure | Genera Citizens | Senior Citizens |
| 7 days to 45 days | 3.05 | 3.55 |
| 46 days to 179 days | 4.90 | 5.40 |
| 180 days to 210 days | 5.65 | 6.15 |
| 211 days to less than 1 year | 5.90 | 6.40 |
| 1 Year to less than 2 years | 6.25 | 6.75 |
| 2 years to less than 3 years | 6.40 | 6.90 |
| 3 years to less than 5 years | 6.30 | 6.80 |
*SBI FD Rates w.e.f 15 December 2026
Features of SBI Motor Accident Claims Annuity (Term) Deposit Account (MACAD)
Below are the features of SBI Motor Accident Claims Annuity (Term) Deposit Account (MACAD):
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Purpose: To deposit and manage compensation amounts awarded by tribunals or courts to motor accident victims.
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Deposit Amount: There is no maximum limit for the deposit amount. The minimum deposit amount is determined based on a minimum monthly annuity payment of Rs. 1,000.
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Tenure: The tenure of the account ranges from 36 to 216 months, as directed by the tribunal or court. For periods shorter than 36 months, a normal Term Deposit account will be opened.
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Interest Rate: The interest rate is determined based on the tenure of the deposit. Deposits with a maturity period exceeding 120 months may be subject to a higher FD interest rate.
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Receipts and Passbook: No receipts will be issued for MACAD deposits. A passbook will be issued for the account. For normal Term Deposits (less than 36 months), a Term Deposit advice will be issued.
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Loans and Advances: Loans or advances against the annuity deposit are not allowed.
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Nomination: Nomination facility is available for the account.
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Payment: The annuity payments will start on the anniversary date of the month following the month of deposit. If that date is non-existent, the payment will be made on the 1st day of the next month.
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Payment Methods: Annuity payments, premature closure payments, or part lump sum payments can only be made through a linked MACT claims SB account.
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Account Transfer: Account transfers are not allowed without the permission of the tribunal or court.
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Mode of Holding: The account can only be held by a single individual.
Additional Points to Consider
- The MACAD account is specifically designed to comply with the requirements of motor accident claims tribunals and courts.
- The account offers a structured and secure way for victims to receive their compensation payments.
- The interest earned on the deposit may be subject to taxation as per applicable laws.
FAQs
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What is the minimum and maximum deposit amount for MACAD?
There is no maximum deposit limit. The minimum deposit amount is based on ensuring a minimum monthly annuity payment of ₹1,000 for the relevant period. -
What is the tenure of the MACAD?
The tenure ranges from 36 to 216 months, as directed by the Tribunal or Court. If the period is less than 36 months, a normal Term Deposit will be opened instead. -
What interest rate is applies to MACAD?
The prevailing rate of interest will apply based on the tenure. For deposits exceeding 120 months, the interest rate applicable for a 120-month tenure will be applied, or as decided by the bank from time to time. -
Will I receive a receipt for the MACAD?
No, receipts are not issued for MACAD. However, a passbook will be provided. In the case of a normal Term Deposit (if the period is less than 36 months), a Term Deposit advice will be issued. -
Can I take a loan or advance against the annuity deposit?
No, loans or advances are not allowed against the annuity deposit. -
Is a nomination facility available for MACAD?
Yes, the nomination facility is available and should be made as directed by the Tribunal or Court.
*All savings are provided by the insurer as per the IRDAI approved
insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per
applicable tax slabs post 31st march 2023
#Discount offered by insurance company
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
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