Fixed Deposit

Fixed Deposit Account

 

  • Fixed deposit scheme is an attractive scheme to deposit your savings for a period from 7 Days to 60 Months.
  • We provide attractive Interest Rates to our Customers from time to time.
  • We offer 0.50% additional Interest Rate to Senior Citizens (Age 58 or above) on fixed deposits.
  • Guardian can open Minor Fixed deposit account. When minor turns major then at maturity he / she can withdraw the amount with his / her signature, after providing valid age proof.
  • We offer nomination facility for all deposit accounts.
  • Auto Renewal Facility for Fixed deposit receipt is also available. Kindly use to avoid any loss of interest.
  • We provide monthly and quarterly Interest payment to our customers on their existing Fixed Deposits as per their instruction.
  • Loan / Overdraft facility is available against Fixed Deposit Receipt.
  • The maturity date of Loan and Overdraft Account against Fixed Deposit is maturity date of Fixed Deposit Receipt.
  • We are member of Deposit Insurance and Credit Guarantee Corporation [DICGC] in which customers deposit are insured up to ₹ 1,00,000/-.

 

Rules and Regulation for Fixed Deposit Account

 

  • Depositor has to fulfill KYC norms as per directives of Reserve Bank of India.
  • In the case of premature payment, all signatories to the deposits must sign the encashment instruction. All premature payment shall be subject to penalty provisions i.e. the applicable rate of interest minus 1% penalty will be imposed.
  • Applicable rate of Interest: Means the lower of interest rate between the existing rate of interest for which the deposit remains with the bank OR the prevailing rate of interest for which the deposit remains with the bank.
  • Interest will cease on due date. No notice will be issued by the Bank.
  • Interest on Fixed Deposit is payable quarterly. If monthly interest is required, it is payable at a discounted rate of interest.
  • Payment of interest is subject to deduction if tax at source (TDS) as per prevailing Income Tax Rules and Regulations. Please submit Form 15G / 15H immediately if no TDS is to be deducted. Same should be submitted at the beginning of each Financial Year.
  • Repayments of deposits exceeding ₹ 20,000/- will not be made in cash as per current Income Tax Rules.
  • All rights reserved to the Bank management to Change the Interest Rate of the Fixed Deposit Scheme without prior notice. Change of Interest rate will be applicable to new deposits only.
  • The Bank having the rights of appropriation, set off of lien deposits on maturity.

 

Documents required to open Fixed Deposit Account

 

  • Recent Passport Size Photograph - 3 Copies
  • PAN Card / Form 60
  • Aadhar Card
  • Birth Certificate for minor account
  • Senior Citizens have to produce age proof to avail extra Interest Rate benefit.

Note: Customers must carry all original documents for verification.