- An ideal way to plan for the future needs. Best way to save a fixed sum every month for a fixed period and get a lump sum amount on maturity, along with interest rate payable for term deposit.
Who can open :
- An Individual in his/her own name.
- Individuals in their joint names with suitable repayment instructions.
- Minor represented by parents / guardian.
- Clubs, Societies, Associations, Educational Institutions, Trusts, Firms, Partnerships, Joint Stock Companies, Executors, Administrators, HUFs, Govt. Departments, etc.
Period of Investment
Amount of Deposit
- Minimum Rs.50/- per month in Rural & Semi Urban Branches & Rs.100/- per month at all other branches.
- Deposit to be made in multiples of Rs.25/-, subject to the minimum amount.
- No Maximum Limit on deposit.
Rate of Interest
- The rate of interest depends on the period of deposit, payable at the rate as decided by the Bank from time to time.
Interest Payment Frequency
- Interest is compounded on quarterly basis, credited to the account at the end of every financial year and paid on maturity.
- Penalty @ Rs. 1.50 per Rs. 100/- per month is applicable, if any installment is not paid for the relevant month.
TDS on Interest Amount
- TDS is applicable as per norms.
- Nomination facility
- Premature closure facility as per the rules lay down by the Bank.
- Loan facility up to 90% on the deposit