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Fixed Deposits

Term deposits are accepted for periods not exceeding 10 years except under orders of court or in the case of minor till the date of majority.

Interest rounded off to the nearest multiples of one rupee is paid monthly/quarterly as desired by the depositor.

Deposit receipts are not transferable. Therefore, if payment is to be made to a third party, the depositor should not endorse the deposit receipt but should discharge the receipts and authorize payment to the third party by a letter addressed to the bank.

A minor can open a term deposit account in his own name provided he is over 10 years of age, he can read and write and he can adhere to a uniform signature. The amount of deposit should not exceed Rs.10, 000.00. The minor should declare his date of birth. No advance is to be granted to the minor on the security of the deposit receipt.

Term deposit can be accepted from a guardian on behalf of the minor. Maximum amount on this account should not exceed Rs.50, 000.00. The ceiling can be exceeded if the guardian gives an undertaking that the deposit would not be withdrawn. Deposits are also accepted jointly with the minor.

If the due date falls on a Sunday or holiday, the receipt is payable on the following business day.

Amount of Deposit:

Fixed Deposit can be opened with a minimum of Rs.100.00 and above.

Period of Deposit:

The minimum period for which a deposit can be accepted is 15 days and  the  maximum term  shall not exceed 120 months.

Deposits can also be accepted for any period longer than 120 months in special cases

Who can Deposit:

All the person(s)/Associations etc. eligible to open a bank account are eligible to open FD account. 

TERM DEPOSIT INTEREST RATE 

With effect from 19-12-2017 as noted below.

 

Sl.
No:

Period

Individuals/
Institutions

Senior Citizen

NRE

Primary Co-op Societies

1.

15 days - 45 days

5.75

6.25

-

6.00

2.

46 days - 90 days

6.50

7.00

-

6.75

3.

91 days - 179 days

7.00

7.25

-

7.25

4.

180 days - 364 days

7.50

8.00

-

7.75

5.

1 Year- 2 years

8.00

8.50

8.00

8.25

6.

2 Year & Above

 7.75

 8.25

7.75

8.00 

We allow  ½% additional interest on Fixed Deposits accepted by societies from Senior Citizen and in turn invested with our Bank after obtaining a certificate to that effect from them

 

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