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 90of the deposit amount against lien on the balance amount of the respective account at 2.00 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 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.