Term Deposits

FIXED DEPOSITS

Fixed deposits (FD) are safe investments where you deposit a fixed amount of money for a fixed period, until maturity that offers a higher rate of interest.

·        Period of Deposit can be from 15 days up to 5 years.

·        Mode of operation can be Single, Joint or Either/Survivor.

·        Interest will be paid on monthly (at discounted rates), quarterly, half-yearly, or yearly basis as per depositor’s choice.

·        Interest rate depends on the period of the deposit as prevailing from time to time. No interest will be payable on term deposits prematurely closed before completion of 15th day.

·        Additional interest rate of 0.50% available for senior citizens

·        Nomination facility available

·        Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance.

·        For Closure of Deposits, Deposit receipts should be surrendered at the issuing branch for receiving maturity proceeds

·        A penalty of 0.50% will be levied for premature closure of term deposits

·        Loan up to 90% of the deposit amount  Click here to know more about Loans against term deposit

SPECIAL FIXED DEPOSIT

Special Fixed Deposit (SFD) is a special scheme under Term Deposit. SFD provides compound interest rate, which means more interest at the end of the maturity period.

·        Period of Deposit can be from 1 year to 5 years.

·        Compound interest rate for SFD

·        Yield on Deposits up to 9.04% after compounding

·        Interest rate is same as that of FD

·        Procedure and formalities for opening SFD account are the same as of FD

·        Closure/Premature closing formalities same as that of FD

·        Loan up to 90% of the deposit amount Click here to know more about Loans against term deposit

Click here for Account opening form.