Fixed Deposits

Fixed Deposits

Automatic Renewal Scheme

Short Term Deposit with minimum of 15 days. Automatic renewal is allowed with Interest Or Deposit is renewed only with Principal Amount for even period by allowing Interest in favor of depositor on due date as per mandate.

Short Term Deposit

Deposits are accepted for short term repayable on due date along with Simple Interest.

Fixed Deposit (Monthly Interest)

Interest allowed to depositors every month as per the mandate of depositor at discounted rate as per RBI guidelines.

Fixed Deposit (Quarterly Interest)

Interest paid on Deposit at the end of every calendar quarter. However if deposit is made in between the quarter, interest for a broken period till the end of first calendar quarter is paid for the first time and subsequently interest is paid at the end of every quarter.

Fixed Deposit (Half Yearly/ Yearly)

Simple Interest paid on deposit at the interval of half year / yearly as the case may be.

Fixed Deposits (Reinvestment)

Interest on deposits is compounded quarterly and payable on maturity of the deposit.

Monthly Recurring Deposit

A specified amount as agreed by the depositor is required to be deposited in the account for a given term.

Other Features / Requirement

  • Permanent Account Number Mandatory for Fixed Deposit of Rs. 50,000/- and above.
  • Interest paid on Fixed Deposit attracts Tax (TDS) if amount of interest exceeds Rs. 10,000/-.
  • Depositors are required to comply with the requirement of KYC Norms.
  • Premature withdrawals are allowed with penal Interest @ 1%.
  • Renewals of Deposits are allowed before the due date with out charging of Penal Interest.
  • Loan against Deposits are allowed during the term of deposit with the Interest rate 2% above Interest rate of Deposit.
  • Senior Citizens are allowed extra Interest @ 0.5% on Fixed Deposits for a term above one year.