|
|
Fixed Deposits
- Minimum Deposit: Rs.10,000
- Minimum-Maximum Tenure: 14 days* to
10 years
- Cumulative, Half Yearly, Quarterly & Monthly
Interest Payment Options
- Loan/OD against Term Deposits: You
can now avail of loan/OD against Term Deposits
with a maximum drawing power of up to 90% of
the value of the term Deposits.
- Automatic Renewal: On maturity, we
shall automatically renew your deposit for the
same period at the interest rates prevailing
on maturity. This will ensure that your money
doesn’t remain idle even for a single day,
even if you happen to be forget the due date.
- Penal interest on premature withdrawals:
If the deposits are prematurely withdrawn, the
interest rate prevailing at the date of deposit,
for the period for which deposit was with the
Bank shall be payable. The Bank may on such
premature withdrawal charge a penal interest
at such rate as may be specified by the bank
from time to time. For details of premature
withdrawal charges, please refer to our interest
rate section.
- Should you break the Fixed Deposit before
the minimum stipulated period, as per RBI guidelines,
it earns no interest.
- TDS will be deducted when interest paid or accrued during a financial year is Rs10,000 or more and a consolidated quarterly TDS Certificate will be mailed to you after the end of the quarter, including details of all TDS deductions during the quarter. Applicable TDS rates are: Individuals - 10%*, Corporates - 20.50%. Eligible depositors may submit declarations in prescribed forms (15G/15H) to receive interest without TDS before 31st March each year for the ensuing financial year and at the time of placing new deposit. In case interest income exceeds the maximum amount which is not chargeable to income-tax, TDS will be deducted irrespective of the declarations submitted.
As per section 206AA introduced by Finance (No. 2) Act, 2009 w.e.f 01.04.2010, it is mandatory for every person including non-residents receiving income on which TDS is deductible, to furnish his PAN, failing which TDS would be deducted at the rate of 20% or rate applicable, whichever is higher. Declaration in Form 15G/15H for non-deduction of tax shall be treated invalid in the absence of valid PAN.
- Interest Rates for Senior Citizens:
- Eligibility Criteria: A person who has completed
the age of 60 years may be considered as a
senior citizen for getting the benefit under
the special deposit scheme for senior citizens.
- Verification of Age: The following documents
can be accepted as valid proof of age for
this purpose:
- Passport
- Pension Card
- Ration Card
- Govt. Identity Card
- School leaving certificate
- Life Insurance Policy
- Birth Certificate
- Interest Rate on Deposits of Senior Citizens:
We pay upto half percent additional interest
for certain specified periods, over and above
the normal interest rates.
*Conditions Apply |
|
|
|
