TERM DEPOSITS:
Sr. No.
Short Deposit
Individual, Traders, HUF, Corporates, Voluntary Orgns, Minors, Sole Proprietorship/ Partnership Firm etc.
Purpose
An ideal option for all transitory savings to meet the requirements
Minimum Amount
Mini. Deposit amount of Rs.100/-
Minimum/ Maximum period
From a min. period of 15 days to a maxi. Period of less than 12 months
Rate of interest
Rests
Depending upon the maturity period with quarterly rests or on maturity
Prepayment Overdraft/Loan facility interest rate
Prepayment of deposit amount allowed affording interest at @1% below the rate applicable for the period deposit has run with the bank. In case of prepayment before 45 days no interest will be paid. However, there will be no penal interest, if the prematurely withdrawn deposit is reinvested for a period longer than the remaining period of the original contract of the deposit.
Cheque Book facility
NA
Convenient features
Easy to liquidate
Easy Access features
Accepted as a security by Govt. Deptt.
Nomination facility available. In case of individual & sole proprietorship accounts only.
Higher yield than Saving Bank deposit/ current Deposit