Monthly Income Fixed Deposit


MONTHLY INCOME FIXED DEPOSITS The scheme is suitably tailored to general regular income to the depositors. Interest at discounted rates is paid monthly on regular basis. Interest will be calculated for the quarter and paid monthly at discounted rate. Principal amount will be refunded on maturity. Bank has provision to allow withdrawal of deposits under this scheme before maturity subject to realization of penal interest as per Bank’s policy. Nomination facility are available under the scheme. Provisions of TDS is applicable as per rules. However, registered share holders of the bank are exempted from TDS applicable on interest earned from MIF Deposit.

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