Term Deposit

Fixed Deposit is also known as Term Deposit. Fixed Deposit means an amount is deposited at Bank for a fixed period. The bank offers a fixed rate of interest for that period. The banks offers a wide range of period; from 7 days to 20 years. The interest rate varies according to the duration.

Types

• TDR - Simple Term Deposit Receipt (Interest payble on Maturity)
• MIP - Monthly Interest Payble (Interest payble Monthly)
• QIP - Quarterly Interest Payble (Interest payble Quarterly)

Rate of Interest

Additional benifits

In case of Senior Citizen i.e. persons of 60 years & above an additional 0.50 % on FDs above one year and minimum amount of Rs. 10,000/- & HUF headed by Senior Citizen shall be applicable.
 

Eligibility

Individuals Singly/Jointly, Firms, Corporate bodies, Associations etc. can open the account under the scheme.
 

Note

As interest rates are subject to change without prior notice, depositor shall ascertain the rates on the value date of FD. Interest earned on the Fixed Deposit will be subject to Tax Deducted at Source as per Income Tax laws.