Fixed Deposit scheme is suitable for those depositors who intend to receive monthly income/interest to meet the expenditure for periodical requirements/obligations i.e. Amount for medicines, rents, livelihood, payment of fees, insurance premia etc. In this scheme PRINCIPAL amount will be INTACT and the depositors can take the Interest PAY OUT at Monthly, Quarterly, Half Yearly OR Yearly frequency as per Depositor’s Choice.
- Fixed Deposits accounts can be opened for a minimum period of 14 days to a Maximum period of 10 years
- Premature withdrawals are allowed, with penalty on interest earned
- Loans/ Overdraft facility against deposits are available.
- Auto renewal facility on maturity of the deposit for original period of deposit, in the absence of disposal instruction is available.
- The interest is paid at Monthly, Quarterly, Half-Yearly and Yearly intervals as per the option of the customer.
- Standing Instructions on payment of interest will be executed
- TDS is applicable as per Income Tax Rules