Special Term Deposit
This product is a variant of Term Deposits but instead of Interest being paid out at a regular frequency during the period of deposit; here it is paid out only at the time of maturity. Regular interest is added to the principal and compound interest calculated and paid thereon.
Features
- Minimum period of deposit - 6 Month
- Maximum period of deposit- 10 Years
- Available at all branches
- Minimum deposit: Rs. 1,000/-, Maximum deposit: No upper Limit
- A deposit of Rs. 1 cr and more is treated as bulk deposit
- Interest on deposit is compounded quarterly and paid to depositor at the end of the term
- Nomination available in favour of individual only
- Term Deposit (together with interest) of Rs. 20000/- and above shall not be paid in cash.
- Transferability allowed among our branches
- TDS is applicable as per Income Tax Rules. Form 15G/H can be submitted by the depositor for exemption from tax deduction as per IT Rules
Loan against deposit is allowed with applicable margin as under
TENURE OF DEPOSIT | MARGIN |
---|---|
>12 MONTHS | 15% |
Eligibility
Below are the individuals and entities eligible for a Regular Fixed Deposit:
- Resident Individuals singly or Jointly
- Minor ( himself/herself or through his/her Guardian )
- Hindu Undivided Families
- Sole Proprietorship Firms
- Partnership Firms
- Limited Companies
- Trust Accounts
- Local Bodies and any Government Department.
Terms and Conditions
- Premature closure available