Fixed Deposit

1. Who can open an account:    

  1. Individual in his own name.
  2. Two or more individuals in their joint names with suitable repayment instructions.
  3. A guardian on behalf of a minor.
  4. In the name of clubs, societies, associations, educational institutions, trusts, firms, partnership concerns, joint stock companies, executors and administrators.

2. Mode of opening an account: 
An account can be opened with a minimum amount of just Rs.100/-.
The depositor should give an application in the prescribed form.
3. Period of Deposit: 
Under the scheme, customer can choose the period of deposit to suit his needs, from a minimum of 15 days to a maximum of 10 years.
4. Interest: 
The interest on Fixed Deposit will be paid at rates applicable for the period of deposit as prescribed under the Reserve Bank of India’s rules/directives/guidelines from time to time and fixed by the Bank.
Interest is paid at quarterly rests. If required, monthly interest may be paid at discounted rates.
5.Repayment on Maturity: 
The deposit is repayable on the maturity date as indicated on the deposit receipt.
6.  Premature Closure: 
The depositor can close the account prematurely. In such case interest will be paid at rate applicable for the period deposit remained with the bank.
7. Renewal of matured Deposits: 
Deposits are autorenewaled on the maturity.
8. Loan against deposits: 
Depositor can avail a loan upto 80% of the deposit amount. Interest on loan will be levied at a rate 2% higher than the rate of interest paid on the deposit.
 9. Transfer of Deposit Account: 
The fixed Deposit account can be transferred from one branch of bank to the other at the request of the depositor after maturity only.
10.Nomination facility: 
Nomination Facility is available. Necessary application is to be obtained from the depositor and entries are to be made accordingly in the Banks records.