Ideal for long term investments. Secure money that earns good returns and can be easily liquidated.
- Easy liquidity even with a long term period.
- Increasing interest in proportion to the increasing term of deposit.
More Benefits
- Avail of Overdraft / loan against deposit up to 95% of the deposit amount (plus accrued interest) without the hassles of a guarantor or processing fee or, filling of any forms etc.
- No processing fee is charged on loans and advances taken against Bank's Deposits.
- For deposits up to Rs. 5 Lacs, no interest will be charged for premature withdrawal, provided it has remained with bank for a minimum period of 12 months.
- Automatic renewal of deposit on maturity, thereby avoiding interest loss in the absence of instructions from you.
- The Government accepts this deposit as a Security.
- Accepted as margin money for Non-fund based facilities.
- Provision for nomination.
- Minimum deposit required is Rs. 1000/- followed by regular deposits in multiples of Rs. 100/-
- Deposit Tenure
- Minimum period of deposit - 12 months
- Maximum period of deposit - 120 months
- Compound interest is calculated quarterly and can be paid on a monthly (discounted value of the interest amount is payable), quarterly, half-yearly basis or on maturity.
- Rate of interest depends on maturity period.
- 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.
- An additional interest of .5% is paid to the senior citizens for their deposits above Rs. 10000/-.
- Documents required:
- Passport size photograph
- Proof of residence
- An introduction as per Bank's norms