Types of term Deposit:

CUBTAX SAVER SILVER Deposit account be opened by

a)   a person in his/her own name;

b)   two persons in their joint names

The single holder type deposit receipt shall be issued to an individual for himself or in the capacity of the karta of the Hindu Undivided family.

The joint holder type deposit receipt may be issued jointly to two adults or jointly to an adult and a minor, and payable to either of the holders or to the survivor:

 Provided that in the case of joint holder type deposit, the deduction from income under section 80C of the Act shall be available only to the first holder of the deposit.

1. The maturity period of a term deposit receipt of any denomination shall be five years commencing from the date of the receipt.

2. No term deposit shall be encashed before the expiry of five years from the date of its receipt.

4. Pledging of term deposit

The term deposit shall not be pledged to secure loan or as security too any other asset.

5. Discharge of Deposit Receipts

All deposits receipts should be surrendered duly discharged for repayment on or after the due date.

6. Payment of Deposit

Payment of deposit amount including interest, if exceeds Rs.20000 or the aggregate amount of deposits held by the customer in his sole name or jointly with others, on the date of payment of any one deposit exceeds Rs.20000, will be made by way of account payee crossed cheque/draft or by way of credit to SB/CA of the depositor(s).

7. Rate of Interest

1. The rate of interest on the term deposit scheme shall be in accordance with the rate fixed by the bank.  It will be the rate prevailing on the date of deposit.

2. The interest is payable either in lump sum at the time of maturity or every quarter or every month in accordance with the regulatory guidelines for payment of interest on term deposits.