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Fixed Term Deposit

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A fixed term deposit is a deposit held at a financial institution that has a fixed term. Any depositors can deposit amount for 3 months, 6 months and 1 year.

Features & Benefits:

    • A person having a sound mind can open the saving scheme account singly or jointly or in the name of any institution.
    • The account holder can avail credit facility up to maximum 90{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} of the deposit amount against lien on the balance amount of the respective account at 2.00{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} higher than the deposit scheme rate.

 

  • Premature encashment may be allowed only after expiry of minimum 3 (three) months. In such cases, interest will be calculated at least 2.00{98b3a72ee58f083be5cba22976bae95ef3c090c904d629387525f3b9814234bc} less than the prescribed rate, which will be applicable for the period completed.

 

  • The interest is payable subject to deduction of excise duty, withholding tax etc. as imposed by the government from time to time.