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 Fixed/Short Term Deposit
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Mode of calculation of Interest on Short Deposits and Fixed Deposits for periods less than 12 months:
Short Deposits
On deposits repayable within six months
(Short Deposits) |
Interest should be paid for the actual ___________ number of days on the basis of 365 days in a year
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Fixed Deposits
On Deposits repayable after six months
(Fixed Deposits)
where the terminal month is complete or incomplete
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Interest will be calculated for the completed months and
where the terminal month is incomplete- the actual number of days on the basis of 365 days in a year.
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KYC ( Know Your Customer) for opening account is applicable for these accounts hence proof of residence and proof of identification will be required alongwith recent photograph of the depositor/s
Need to open Savings Bank Accounts
It is desirable that the Term Deposit account holders also maintain Savings Bank accounts with the Bank so as to avoid delay in disbursement of interest on term deposits or inconvenience to the depositor to call on the Branch to collect interest.
``For the benefit and convenience, may we suggest that you open a Savings Bank Account with us and give us instructions to credit thereto, half yearly interest on this Term Deposit Receipt. Your interest will earn interest.''
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Types of Accounts
Term Deposit accounts may be opened in the names of :
(i) Individual - Single Accounts
(ii) Two or more individuals - Joint Accounts
(iii) Sole Proprietory Concerns
(iv) Partnership Firms
(v) Illiterate Persons
(vi) Blind Persons
(vii) Minors
(viii) Limited Companies
(ix) Associations, Clubs, Societies, etc.
(x) Trusts
(xi) Joint Hindu families (accounts of non-trading nature only)
(xii) Municipalities
(xiii) Government and Quasi-Government Bodies
(xiv) Panchayats
(xv) Religious Institutions
(xvi) Educational Institutions (including Universities)
(xvii) Charitable Institutions
Minimum amount Rs.1 lac for SDR and Rs.10,000/- for FDR in Metro and Urban Branches and Rs.5000/- in Rural and Semi urban branches and for senior citizens the minimum amount will be Rs 5000/-Minimum amount per single deposit for period of 7days to 14 days will be Rs.1lac.
Minimum Amount criteria will not be applicable to Subsidy kept under GOVT Sponsored Schemes, Margin Money, earnest money and court attached/ordered deposits
Payment of Interest: (Subject to applicable TDS)
Interest will be paid half yearly on 1st October and on 1st April and in case these dates falls on holidays then on the next working day
Payment and Renewal of Deposits Before Maturity
Depositors may request repayment of their deposits before maturity. Repayment of term deposits before maturity is permissible in terms of the directives of the Reserve Bank of India issued from time to time. In terms of the directives, the provision regarding premature withdrawal of deposits is as follows:
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Request for premature withdrawal
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NO Penal Interest on premature payment of deposit.
While prematurely closing a deposit, interest on the deposit for the period that it has remained with the Bank will be paid at the rate applicable to the period for which the deposit remained with the Bank and not at the contracted rate.
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