Fixed Deposits

Eligibility

Individual, Joint (not more than 4), a Guardian on behalf of a minor, Primary Agriculture Co-operative Societies, Urban Co-operative Banks/Socities,Co-operative Souhard Socities , Milk Producer’s Co-operative Socities , HUF, Partnership, a Company, Association or any other Institution

Investment

Minimum – Rs.1000
Maximum – No ceiling

Period of Deposit

Minimum 15 days (7-14 days – Only for single deposit of Rs.5 lakh and above)
Maximum 120 months

Interest Rate

Existing Interest Rates Applicable

Periodicity of Interest

Monthly (at discounted rates), Quarterly, Half-yearly or Annual intervals as per depositor’s request.

Payment

choice

Special Rate for Senior Citizen

Additional interest rate of 0.50% will be paid for domestic term deposits  (including RD)  over and above the rate offered for General public.

In case of death of the Senior Citizen before the date of maturity, the deposit may be continued with the contracted interest rate only if there is no change to the other contracted terms.

TDS on Interest

Interest earned on the Fixed Deposit will be subject to Tax Deducted at Source as per Income Tax Act & Rules.

Nomination Facility

Nomination  under Sec. 45ZA & 45 ZB read with section 56 of the Banking Regulation Act, 1949 and Rule 2(1) of the Banking. Companies (Nomination) Rules, 1985 in respect of Bank deposits.

For the existing accounts where nomination is not made, the account holder/s can do so by filling up form available with the branches.

Loan Facility

Available up to 90% of the deposit amount

Penalty for Premature closure/ Part withdrawal/ Premature extension of Deposit:

• No interest will be payable on term deposits prematurely closed/prematurely extended before completion of 14 th day .
• In case of premature withdrawal, the interest is calculated on the principal amount for completed quarters and then for the balance period, interest is calculated for completed months and further for incomplete month on actual number of days.

Auto Renewal of Deposit

• Auto Renewal facility is not available for Fixed Deposits,

Overdue Deposits

• If a Domestic Term Deposit matures and proceeds are unpaid, the amount left unclaimed with the Bank shall attract rate of interest as applicable to saving account or the contracted rate of interest on the matured Term Deposit, whichever is lower.

Application & Documents

• Application in the Banks’ prescribed form.
• Copy of PAN Card/Form 60 or 61 (if customer does not have PAN Card).
• Photograph of Depositor/s (2 copies).
• Proof of Identity and address as per KYC Norms.
• Any other related documents as applicable to proprietor ship concern, Partnership Firm, Company, HUF etc.