Term Deposit

Term Deposit

Term Deposit scheme to suit your requirement and future plan. You can not only earn higher income on your surplus funds by investing in any of our term deposit schemes, but also avail loan against those funds. Thus fulfill your need, multiply your funds as well as keep your savings secure.

SPECIAL SCHEME

1. Depositors who deposit the amount of Rs. 15,00,000/- and above for the period above 1 year to 2 years – Extra 0.25% will provided.
2. Suvarna Janatha Seva Deposit (SJSD) Scheme effect from 21/01/2024 to 31/03/2024 with special rate – 9.01% for the fixed period of 450 days.

Terms & Conditions Apply

• FDM should be minimum period of 13 months.
• RD / FDQ / JSCC should be minimum period of 15 months.
• Interest rates are subject to change at the sole discretion of the Bank.
• 1% penalty for premature withdrawal for all categories of Deposits.
• No Interest upto 30 days – for all types of Term Deposits.

Eligible to operate a Term Deposit Account

• Individual – Single / Joint account
• Minor – Operated by guardian natural / appointed by court
• Trust – Private / Public
• Partnership firm
• Limited company – Private / Public
• Club, Association & Society

To open Term Deposit Account, you just need to provide

• Duly completed account opening form
• Pan card /FORM 60- if, no Pan card
• Proof of Residence of the applicant(s)
• Proof of Photo Identification of the applicant(s)
• Proof of Age in case of senior citizen One recent passport size color photographs of Partner(s) / Director(s)
• Submit Partnership deed with Registration receipt in case of Partnership firm
• Submit Memorandum of Association, Article of Association, Resolution in case of Company
• Board Resolution / Resolution in case of a company, an association

Fixed Deposit (FD)

Invest and earn interest monthly or quarterly or half yearly or yearly.

Salient features of the scheme :

• Minimum opening balance of 1000/-
• Minimum period of 31 days, maximum up to 60 months.
• Interest paid along with the principal on maturity
• Can avail loan up to  % of accumulated deposit
• Interest as per card rates

Recurring Deposit (RD)

             Regular savings leads to high investment.

Salient features of the scheme

• Minimum opening balance of 100/- or in multiple of 100/- per month
• Minimum period of 15 months, maximum up to 5 years
• Interest paid along with the principal on maturity
• Can avail loan up to 90% of accumulated deposit.
• Interest as per card rates

Renewal policy of the term deposit:

Bank has adopted Auto renewal facility to the entire Deposit account holder.

Penalties

For Premature closure of Deposit allowed at 1%below the rate applicable for the period the deposit remained with the bank

No interest shall be paid on prematurity of term deposit, Where deposit periods is less than 31days.

TDS:

• Where interest amount exceed Rs.40000/- in a year TDS will be deducted for General.
• Where interest amount exceed Rs.50000/- in a year TDS will be deducted for Senior.