Secure your money and watch it grow too!

Opt for Regular Income Cum Recurring Deposit and get multiple benefits.

  • Benefits
  • Features
  • Most Important Terms and Conditions (MITC)
  • Documentation
Scheme Code In Finacle TD101
Product Nature Provides higher rate of interest with longer periods of deposit, with quarterly compounding & reinvestment of interest.
Eligibility
  • An individual in his own name.
  • More than one individual in joint name.
  • Minor of age 10 and above on terms laid down by the bank. Accounts can also be opened in the name of minor with their father/mother, as guardian.
  • Clubs, associations, Educational Institutions, Partnerships and joint stock companies, provided they are registered and bank is satisfied that the account is opened for genuine savings purpose.
Minimum Amount Of Deposit Minimum Amount Rs 1000 and in multiples of Rs100.
Maximum Amount Of Deposit No upper limit.
Period Of Deposit
  • Minimum – 12 months
  • Maximum – 120 months
Rate Of Interest As per the maturity period of the deposit.
  • Senior Citizen: An Additional interest @ 0.50 % is payable.
  • Staff/Ex-staff: As per Bank guidelines issued from time to time (Presently additional interest 1% is payable).
  • Ex-staffs who are Senior Citizen: shall get both the benefits of Staff rate as well as Senior Citizen interest rate.
Nomination Facility Nomination facility will be available.
Tax Deduction At Source Interest payment is subject to Tax Deducted at source (TDS) as per prevailing Income Tax ACT. However.
Availability Of Loan/Overdraft Overdraft / Loan against deposit provided on demand up to 95 % of the outstanding balance in the account as on date of loan. Interest will be charged as per Bank’s extant guidelines from time to time issued by retail banking department.
Other Terms And Conditions 
  • No penalty for premature payment will be levied in case of premature payment of deposits up to Rs 5 lacs provided it remained with the bank for a minimum period of 12 months
  • Accepted as security by Government departments
  • Accepted as margin for non-fund based activities
  • Eligibility norms and all other instructions applicable to 'Fixed Deposits' will apply to these deposits
Premature Closure

Interest should be paid after deducting penalty of 1% from such applicable rate or the contracted rate whichever is lower in the cases which are subject to charging penalty.

  • No penalty for premature payment will be levied in case of premature payment of deposits up  to Rs 5 lacs provided it remained with the bank for a minimum period of 12 months
  • Eligibility norms and all other instructions applicable to 'Fixed Deposits' will apply.

Condition for premature closure of Deposits of Rs. 1.00 Crore and above i.e.

  • 31 days prior notice, and
  • Penalty @1.5% on applicable rate of interest for the period for which the deposit has remained with the bank, will continue as per circular No. BCC/BR/110/540 Dated 31.10.2018
Auto Renewal Deposit will be renewed for the period of 1 year with the interest rate applicable on due date, if not instructed otherwise.
  • Rate of Interest to Senior Citizen: An additional interest @ 0.50% is payable for deposits below Rs. 2 crore only.
  • Tax Deduction at Source:TDS will be deducted as per income tax rules. No TDS will be deducted if a person submits form 15G/15H as applicable.
  • Method of Calculation of Interest on or before Maturity: In all cases of domestic term deposits where the terminal quarter is incomplete, interest should be calculated for the actual number of days, reckoning the year 365/366 days viz the calculation of interest on such deposits should be in order of completed quarters and days. Interest will be calculated and compounded at quarterly rests.
  • TDS Certificate:TDS certificate will be provided to all customers.
  • Advance against Deposits:This facility is not available to a minor account in single name and HUF. If the interest is not deposited for more than 2 quarters, term deposit will be apportioned immediately.
  • Interest certificate available at request of customer
  • Deposit certificate- Term Deposit Receipt is provided
  • Term deposits can be transferred from one branch to another branch at the request of the customer.
  • Mode of Payment:Maturity proceeds are credited to the SB/ CA account of the customer. In cases where there are no operative accounts of the customer, maturity proceeds can be given in cash below Rs. 20,000 above which DD/pay order will be issued.
  • Minor Accounts can be opened for individuals above 10 years subject to maximum cap of Rs. 1,00,000

Bulk Deposits (Rs.2 crore & above)
  • “Bulk Deposit” means a single Rupee Term Deposits of Rs. 2 Crore and above (RBI/2018-19/128, DBR.DIR.BC.No.27/13.03.00/2018-19 dated.22.02.2019).
  • In case multiple deposits are created on same day aggregating Rs.2.00 Crores and more, but the same mature on different dates, then it will not tantamount to splitting of Bulk Deposit. Also multiple deposits created on same day aggregating Rs.2.00 Crores and more with same maturity period but for different specific purposes will not tantamount to splitting of Bulk Deposit, provided the customer submits supportive documents for the same.

Settlement of Dues in Deceased Deposit Account
  • If the depositor has registered nomination with the Bank, the balance outstanding in the account of the deceased depositor will be transferred to the account of nominee after the Bank satisfies about the identity of the nominee etc. Payment is made to nominee as representative of legal heirs.
  • The above procedure will be followed even in respect of a joint account where nomination is registered with the Bank.
  • In a Joint Deposit Account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as “either or survivor”, “former / latter or survivor”, anyone of survivors or survivor; etc., the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased.
  • In a Term Deposit account held in joint names if operating instructions is “either or survivor”, “Former or survivor” when one of the depositor dies, the payment will be made to survivor on maturity. If prepayment is demanded, it will be allowed only after obtaining consent of legal heirs of the deceased.
  • In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the Bank’s Board. This is to ensure that the common depositors are not put hardship on account of delays in completing legal formalities.

Interest Payable on Term Deposit in Deceased Account
  • In the event of death of the depositor before the date of maturity of Deposit and amount of the deposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity till the date of payment, the Bank shall pay simple interest at the applicable rate as on the date of maturity, for the period for which the deposit remained with the Bank beyond the date of maturity, as per the Bank’s policy in this regard.
  • However, in the case of death of the depositor after the date of maturity of the overdue deposit, the Bank shall pay interest at Savings Bank Deposit rate applicable on the date of maturity from the date of maturity till the date of payment.

Premature Withdrawal of Term Deposit

The Bank on request from the depositor, at its discretion may allow withdrawal of Term deposit before completion of the period of the Deposit agreed upon at the time of placing the deposit. The components of penalty shall be clearly brought to the notice of the depositors at the time of acceptance of deposits and if not, no penalty shall be levied. Penal Interest Rate Policy for premature withdrawal of Term Deposit is as under

  • No penalty for prepayment of deposit upto Rs. 5 lacs which remained with the Bank for a minimum period of 12 months. In such cases the rate of interest applicable for premature payment without penalty will be rate ruling on the date of accepting of deposits (i.e. the date of contract) for period for which the deposit has actually remained with the Bank or the Contracted Rate whichever is lower.
  • For premature withdrawal of all deposits which have remained for less than 12 months and also all deposits of the face value exceeding Rs 5 lacs, interest will be paid one percent less than the rate which was applicable at the time of placing the Deposit for the period for which the deposit has actually run or contracted rate, whichever is lower..
  • Penalty is waived on settlement of claims in the deceased depositor’s accounts and two or more joint depositors where one of the depositor has died, Interest is paid at applicable rate.
  • Penalty for prepayment of Term deposit for Rs 1 Crore and above (for any period) will be allowed as per the discretion of Bank. In case of premature payment of deposits for Rs.1 Crore and above the following conditions will have to be complied with
    • A penalty on premature close of deposit for Rs.1 Crore and above will be levied @1.5% from the applicable rate of interest for which the deposit has remained with the Bank.
    • The customer has to give a withdrawal notice of minimum 31 days prior to withdrawal of deposits except Flexi Fixed Deposit and deposits for the period up to 31 days.
    • However, the customer will have the window of 14 days from date of opening of FD or Renewal of FD for relook. The condition of 31 days’ notice will not be applicable during window of relook. He will be allowed to prematurely close the deposit within 14 days from the date of issue but interest will not be payable if deposit prematurely withdrawn within 7 days. If the deposit is withdrawn after 7 days, interest will be paid for the period it remains with the Bank. The applicable rate of interest will be prevailing card rate on date of deposit or renewal of deposit minus 1.5% penalty. After 14 days the Regional authority has power to take decision to allow the premature closure of the account subject to application of penalty of 1.5% on the applicable rate.
  • In normal circumstances premature closure of a joint deposit shall be permitted only if all the deposit holders sign a request to that effect. In the case of Term deposits with operating instructions Either Or Survivor, Former Or Survivor, Latter Or Survivor and Anyone Or Survivor and in the event of death of one of the joint holders, in the absence of relevant mandate, premature closure of such deposit will be allowed only if the legal heirs of the deceased agree for such premature closure. In cases where relevant mandate is available with the Bank, premature closure of such deposits shall be allowed in the favour of survivors.

Documents Required:
  • Passport size photograph
  • Proof of residence
  • An introduction as per bank's norms


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