A fixed deposit account may be opened by any person, individual, Minor / HUF / Firm / Company / Club / Trust / Society / Association etc.
- Deposits are accepted for fixed period.
- Nomination facility available.
- Simple interest is eligible, depending upon the period of deposit.
- Quarterly payment of interest on Deposit.
- TDS on interest payment on the deposits as per IT Act.
- Premature payment available (certain terms and conditions apply)
- Loan facility against the deposit available.
- Standing instruction for transferring the interest is accepted.
- KYC not required, if already having Savings Account/Current Account with the Bank.
Rules & Regulations of Fixed Deposit Scheme
- Depositor has to fulfill KYC norms as per RBI directive.
- Customer can Open Fix Deposit A/c with minimum of Rs.500/-
- Guardian can open Minor’s Fix Deposit A/c. When minor turn major then after providing valid age proof he/she can withdraw the amount with his/her own signature.
- In the case of premature payment of fixed deposit the period for which the deposit remained with the Bank will be reockned and the interest rate applicable for that period (the rate applicable on the date of original deposit) (minus 1% penalty) will be payable.
- The maturity amount is payable on maturity date. The deposit can be renewed from the maturity date. There after deposit will be renewed from the date of matured in the next day from date of mature.
- All rights reserved to the Bank’s management to Change the Interest Rate of the Fix Deposit Scheme without prior notice. Change of Interest rate will be applicable to new deposits only.
- The Bank having all rights of appropriation, set off, lien and change the rules and regulations for the scheme.
Requirements to Open Bank Account
- Valid Photo I.D. & Address Proof
- Any one of proof (Photo I.D. Proof)
Voter ID Card, Aadhar Card, PAN Card
Government Approved College/university I.Card
Government/Semi government/Department I.Card
Electricity Bill (not more than 2 months old)
Landline Telephone Bill (not more than 2 months old)
Municipal Tax Bill, Aadhar Card, Driving License
Other proof acceptable to Bank.
- Passport Size Photographs – two copies
- Pan Card with forwarding letter/Declaration on form 60/61.
- Birth certificate for minor a/c.
- Senior Citizens have to produce age proof to avail extra Interest Rate benefit.