Fixed Deposit is also known as Term Deposit. Fixed Deposit means an amount is deposited at Bank for a fixed period. The bank offers a fixed rate of interest for that period. The bank offers a wide range of period; from 15 days to 5 years. The interest rate varies according to the duration.
- Fix deposit scheme is an attractive scheme to deposit your savings for fix period for 46 days to 81 Months as per your future requirements.
- We provide attractive Interest Rates to our Customers from time to time.
- We offer 0.50% extra Interest Rate to Senior Citizens (Age 60 or above) on fixed deposits.
- We offer Monthly, Half yearly, Yearly and periodical Statement to our Customers for their rec- onciliation purpose or any other purpose.
- Guardian can open Minor’s Fix deposit A/c. When minor turns major then at maturity he/she can withdraw the amount with his/her signature, after providing valid age proof.
- We offer nomination facility for all deposit accounts.
- We provide quarterly, half yearly, yearly Interest payment to our customers on their existing Fix Deposits as per their instruction. We also provide monthly interest as per RBI guidelines.
- Loan and Overdraft facility is available against Fix deposit receipt.
- The maturity date of Loan and Overdraft Account against Fix Deposit is maturity date of Fix Deposit Receipt.
- TDS on Interest income will be deducted as per Income Tax Act.
- We are member of Deposit Insurance and Credit Guarantee Scheme in which customers de posits are insured up to Rs. 1.5 Lac.
Rules & Regulation for Fix Deposit
- Depositor has to fulfill KYC norms as per RBI directive.
- Customer can Open Fix Deposit A/c with minimum of Rs.1000/-
- Guardian can open Minor’s Fix Deposit A/c. When minor turn major then after providing valid age proof he/she can withdraw the amount with his/her signature.
- In the case of premature withdrawal of deposit, it will observe that what is the period the de- posit remained with bank, then the Interest Rate will be compared between present/ Existing rate and the rate at the time of deposit whichever is less will be applicable and then the inter est calculation will be done on the deposit amount and that interest amount will be payable to the customer.
- All rights are reserved to the Bank’s management to Change the Interest Rate of the Fix De posit Scheme without prior notice. Change of Interest rate will be applicable to new deposits only.
- The Bank having rights of appropriation, set off, lien and change the rules and regulation for the scheme.
Requirements for Fixed Deposit
- Valid Photo I.D.(Any one of proof for all partners/ directors or proprietor (Photo Id))
- Passport
- Driving License
- Voter ID Card
- Government Approved College/university I.Card
- Government/Semi government/Department I.Card
- Aadhar Card
- Address Proof of proprietor / partners /directors (Any One)
- Electricity Bill (not more than 2 months old)
- BSNL Landline Telephone Bill (not more than 2 months old)
- Municipal Tax Bill
- Other proof acceptable by Bank.
- Passport Size Photograph – 2 Copies
- Pan Card
- Birth Certificate for minor a/c.
- Senior Citizens have to produce age proof to avail extra Interest Rate benefit.
