Ideal for those considering a transitory deposit during their business ventures. The extremely short period of one year also helps in fast liquidity in addition to a good rate of interest.
- Ideal for all transitory savings.
- High liquidity with good returns.
- Avail of Overdraft / loan against deposit up to 95% of the deposit amount without the hassles of a guarantor or processing fee or, filling of any forms etc.
- Ideal for meeting short-term commitments as these advances are also available for a single day and till a maximum of 12 months.
- On pre-matured withdrawal of your deposits amount, interest will be calculated at 1% below the rate applicable for the period of deposits.
- The Government accepts this deposit as a Security.
- Can be used as margin money for Non-fund based facilities.
- Provision for nomination.
- Minimum deposit required would be Rs.1000/-, which has to be made for a minimum of 7 days, and can then be extended to a maximum of 12 months.
- The minimum deposit acceptable for small periods such as 7-14 days will be Rs. 15 Lakhs.
- Compound interest is calculated quarterly and the rate is decided based on the maturity period.
- An additional interest of .5% is paid to the senior citizens for their deposits above Rs. 10000/-.
- Interest payments are subject to TDS (Tax Deducted at Source).
- Income from interest is exempted from income tax up to a limit of Rs. 9000 under the section 80 L. However, deposits that earn over Rs. 5,000/- per year are subject to TDS.
- Documents required:
- Passport size photograph
- Proof of residence
- An introduction as per Bank's norms