Fixed Deposit

FIXED DEPOSIT ACCOUNT Can be opened by those who are eligible to open a Savings Bank or Current Deposit A/c for a fixed term/period ranging from 15 (fifteen) days to 10 (ten) years at the maximum. Attractive and competitive rates of interest are offered on deposit under the scheme for different time slots. Additional interest are admissible at prescribed rates for specified time-band to all senior citizens. Simple interest are paid on half-yearly basis. Account holders are allowed to withdraw the interest at periodical interval or on maturity at his discretion. Pre-matured withdrawal of deposits under the scheme are allowed subject to penalty provision applicable for pre-matured closure.

Overdraft facility are available against security of Fixed Deposit up to 80% of the principal amount. Nomination facility will be available as per rule to all Individual Depositors.  Provisions of TDS is applicable as per Rules. However, registered share holders of the Bank are exempted from TDS applicable a interest earned on Fixed Deposits.




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