Fixed Deposit:
Sr. No.
Fixed Deposit
Individuals, Salaried class, Traders, NRIs, Businessmen, HUF, professionals, Pensioners, Corporates, Charitable Trusts, Educational Institutions and Voluntary Orgn. Etc.
Purpose
For long term Savings investment. Longer the period higher the yield.
Minimum Amount
Mini. Deposit amount of Rs.100/-
Minimum/ Maximum period
From a min. period of 12 months to a maxi. Period of 120 months.
Rate of interest
Rests
Depending upon the maturity period with half yearly rests.
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 However, there will be no penal interest, if the prematurely withdrawn deposit is reinvested for a period longer than the remaining period of the original contract of the deposit.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