Page 762 - The Central Motor Vehicles Rules, 1989

734 THE CENTRAL MOTOR VEHICLES RULES, 1989 ANNEXURE-XIII

9. Amount of interest upto date of notice of deposit
10. Whether entire award amount and interest deposited. If no, balance outstanding
award amount/interest
11. Action interest taken to recover the balance award
12. Date of release of the award amount to the Claimant(s)
13. Mode of release of the award amount:
(Give the details of endorsement made on the cheques)
14. Remarks
FORM-XIX
MOTOR ACCIDENT CLAIMS ANNUITY DEPOSIT (MACAD) SCHEME

S. No. Scheme Features Particulars/Details
1. Purpose One time lump sum amount, as decided by the
Court/Tribunal, deposited to receive the same in Equated
Monthly Installments (EMIs), comprising a part of the
principal amount as well as interest.
2. Eligibility Individuals including Minors through guardian in single
name.
3. Mode of Holding Singly
4. Type of account Motor Accident Claims Annuity (Term) Deposit Account
(MACAD)

5. Deposit Amount i. Maximum: No Limit
ii. Minimum – Based on minimum monthly annuity
Rs. 1,000/- for the relevant period.
6. Tenure i. 36 to 120 months
ii. In case the period is less than 36 months, normal FD
will be opened.
iii. MACAD for longer period (more than 120 months)
will be looked as per direction of the Court.

7. Rate of interest Prevailing rate of interest as per Tenure.
8. Receipts/Advices i. No Receipts will be issued to depositors.
ii. Passbook will be issued for MACAD
9. Loan Facility No loan or advances shall be allowed.
10. Nomination facility i. Available.
ii. MACAD shall be duly nominated as directed
by the court.