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Deposit :
Fixed Deposit

Fixed deposit are deposits payable after a fixed period of time. It carries only simple interest payable monthly /quarterly/ half yearly annually.

Period of Deposit

The minimum period of Fixed Deposit is 15 Days and maximum period is 10 Years. However bank may accept deposit for period exceeding 10 Years in terms of order of the competent court or where interest of minors are involved and where there is valid reason for accepting the deposit for a longer period. The period of deposit may be extended up to a maximum of 20 years in the case of institutions government undertakings, corporate bodies to meet there special needs like creation of sinking fund, amourtisation fund etc., or for individuals for any other needs.

Opening of A/C

The amount may be tendered in cash or by way of cheques or drafts. The minimum amount for a fixed deposit is Rs.100/-.If the deposit amount is exceeds Rs.50000/- the amount will be accepted as cheques only other wise the Income Tax Permanent account number is must.

A fixed deposit account can be opened by

a) a person in his/her own name;

b) two persons or more than two persons in their joint names in anyone of the following forms:

Accounts in the name of Mode of operation

A & B Either or Survivor
A & B Jointly or Survivor
A & B Former or Survivor
A, B & C Anyone or Survivors or Survivor

c) a sole proprietorship concern, partnership firm, Private and Public Limited companies, Joint Hindu families, associations, clubs, societies, trust, executors as administrators etc.,

The clause repayable to either or survivor/former or survivor/anyone or more or survivor(s) includes the right to the survivor(s) to apply before the date of maturity for repayment or for credit facilities against the security of the deposit.

The clause repayable to Former or Survivor includes the right to the Former to apply before the date of maturity for repayment or for credit facilities against the security of the deposit or change in the name of the survivor without the consent of the survivor(s). In view of the survivorship clause facilitating the survivor to get payment of the balance on the due date, it is desirable for constituents to opt for "Either or Survivor" or "Former or Survivor" account.


Payment of Interest

Interest at the rates and intervals as applicable from time to time will be paid. At present interest is payable at quarterly intervals. In case the depositors desire to receive the interest at monthly intervals, interest will be paid less discount. The discount is the equivalent of the proportionate monthly interest. (For example, discount on Rs.1000 at 8% is 1000 x 8/1208 = Rs.6.62). Interest may also be credited to an account as per the depositor's discretion. As per the RBI directive all payments of interest and principal will be rounded off to the nearest rupee. The interest payment is subject to the rules on tax deduction at source

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