Eligibility

All Individuals and Non-individuals

Amount of Deposit

Minimum Rs.1000/- and in multiples of Rs.100/-

Maximum No upper limit



Tenure of Deposit

Minimum : 12 Months

Maximum : 120 Months

Rate of interest

As per the maturity period of the deposit

Payment of Interest

Interest will be paid on monthly basis.

Premature Closure

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.

Auto-Renewal

Deposit will be auto-renewed for a period of minimum 12 months

Availability of Loan/ Overdraft

Overdraft / Loan against deposit provided on demand upto 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

Others

Accepted as security by Government departments

Accepted as margin for non-fund based activities

Rate of Interest to Senior Citizen: An Additional interest @ 0.50 % is payable for deposits below Rs.1 crore only.

An Additional interest @ 0.50 % is payable for deposits below Rs.1 crore only. Nomination Facility: Nomination facility will be available

Nomination facility will be available 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.

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.

“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.

TDS certificate will be provided to all customers. Overdue Deposit: If renewal request is received after date of maturity, such overdue deposits will be renewed with effect from date of maturity at interest rate applicable as on due date provided such request is received within 14 days of maturity of deposit, after which interest for overdue period will be paid at the rate decided by Bank from time to time.

If renewal request is received after date of maturity, such overdue deposits will be renewed with effect from date of maturity at interest rate applicable as on due date provided such request is received within 14 days of maturity of deposit, after which interest for overdue period will be paid at the rate decided by Bank from time to time. Advance against Deposits: This facility is not available to Minor account in single name and HUF. If the interest is not deposited for more than 2 quarters, term deposit will be apportioned immediately.

This facility is not available to 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 other branch at the request of the customer.

Mode of Payment: Maturity proceeds are credited 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.

Maturity proceeds are credited 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 (More than Rs.1 crore)