- Minimum amount required to open an account - Rs. 1,000/-.
- Subsequent deposits in multiples of Rs. 100.
- Deposit Tenure:
- Minimum - 12 months.
- Maximum - 120 months.
- Interest is paid on half yearly basis.
- Rate of interest is decided by the maturity period.
- Interest payments are subject to TDS (Tax Deducted at Source).
- Senior citizens can avail of an additional interest rate of 0.50% irrespective of the amount of deposit.
- Documents required:
- Passport size photograph
- Proof of residence
- An introduction as per Bank's norms
Notice for customers regarding - Method of calculation of interest adopted for Term deposit (period of deposit more than a year) w.e.f. 01.03.2012
‘In all cases of domestic term deposits (period of deposit more than a year) where the terminal quarter is incomplete, interest will be calculated for the actual number of days, reckoning the year 365/366 days viz. the calculation of interest on such deposits will be in order of completed quarters and days.’
Notice for customers regarding - Payment of interest on pre-mature withdrawal of term deposit w.e.f. 01.03.2012
The rate of interest applicable for premature payment without penalty will be the rate ruling on the date of accepting the deposit (i.e. the date of contract) for the period for which deposit has actually remained with the Bank or the Contracted Rate whichever is lower. Penalty is waived if following conditions are satisfied.i.e.
- Face value of deposit does not exceed Rs.5/- lacs and
- The said Deposit has remained with the bank for a minimum period of 12 months.
No penalty for premature payment will be levied in case of premature payment of deposits upto Rs.5 lacs provided it remained with the bank for a minimum period of 12 months
For premature closure of deposits of more than Rs.5 lac and less than Rs.1 crore, interest should be paid after deducting penalty of 1% from such applicable rate for the period the deposit has remained with the Bank, or the contracted rate whichever is lower in the cases which are subject to charging penalty
For premature closure of Deposits of Rs. 1.00 Crore and above the following conditions will apply:
- 31 days prior notice from customer is required, and
- Penalty @1.50% on applicable rate of interest for the period for which the deposit has remained with the bank.