Fixed Deposits
.The scheme is designed to meet the needs of people who want to deposit for a short period ranging from 1 day to one year. The minimum period for which the deposit is accepted is 15 days. The breakup of the period of deposit and rate of interest is as mentioned in the column interest rates. The interest along with the principal is paid at the end of the period for which the deposit is made.
Cumulative deposit:
Moneys invested in this type of deposit provide the accrued interest at the end of term of the deposit only, which will be calculated on quarterly compounding basis. The maturity proceeds will be paid by crediting depositor’s individual savings/current accounts or by way of Banker's cheque/pay order.
Quarterly/Monthly/Half Yearly/Yearly (MIS):
Moneys invested in this type of deposit Quarterly/Monthly/Half yearly/Yearly income by way of interest to the depositor for a specified period leaving the deposit amount intact. The Quarterly/ monthly/Half yearly/Yearly interest will be credited to the savings or current account of the depositor according to the given instructions. These deposits can be opened in the name of individuals or institutions operated by singly or jointly where there is more than 1 depositor.
KYC ( Know Your Customer)
Norms for opening account are applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s and submission of pan no. is must for any remittance equal to and above Rs. 50000.
Interest Rates
| Period | Normal | Senior Citizens |
|---|---|---|
| 15 Days To 45 Days | 4.00% | 4.00% |
| 45 Days To 90 Days | 4.50% | 4.50% |
| 91 Days To 180 Days | 5.00% | 5.25% |
| 181 Days To Below 1 Year | 5.50% | 6.00% |
| 1 Year & Below 3 Years | 7.25% | 7.75% |
| Above 3 Years & below 5 Years | 7.50% | 8.00% |
| 5 Years & Above | 8.00% | 8.50% |
Penalties: Premature closure of Deposit allowed at 1%below the rate applicable for the period the deposit remained with the bank.