Under this scheme, the rate of interest to be paid on the Fixed Deposit shall automatically change with the change in Fixed Deposit rate made by the bank from time to time.
|Eligibility||· Individual/Dependent(singly/jointly)with others.
· Minor who have attained the age of 10 years or above in his own name.
· Minor who is below the age of 10 can open their account under the guidance of their parent/guardian.
· Proprietorship/Partnership firm
· Company/Corporate Body
· Public/Commercial Organization
· Hindu Undivided Family (HUF)
· Municipality, Panchayat, Govt. And Quasi Govt. Body
· Socirty, Trust, Religious/Educational/Charitable Institute.
|Amount of Deposit||Minimum Deposit of Rs 100 is to be deposited in order to open fixed deposit account under this scheme or in multiples afterward.|
|Period of Deposit||The minimum tenure period to deposit is 7 days to a maximum of 10 years. You can also deposit your money within the time period including incomplete quarters such as 82 months, 95 months and 16 days so on.|
|Rate of Interest||· The rate of interest is compounded on a quarterly basis for the deposit made for 6 months and above.
· This interest shall be payable along with the principal, of the maturity of deposit as per the bank rules and guidelines.
|Premature withdrawal of Deposit||Premature withdrawal is available if the depositor wants to withdraw the deposited amount before its time of maturity, the bank shall provide the deposit amount with the up to date interest|
|TDS||TDS is applicable as per rules. The bank will issue TDS certificate of the tax deducted.|