Special Term Deposit

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

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