Short Term Deposits
Short Term Deposits
| SCHEME | Term deposits repayable after an agreed period fixed at the time of deposit with interest payment on maturity of the deposit along with the principal. |
| TARGET CUSTOMERS | · A person in his/her own name;
· Minor(s) represented by his/her/their guardian; · Two persons with one of the following clauses: · A. Jointly B. Either or Survivor & C. Former or Survivor · More than two persons repayable either (a) jointly or (ii) to anyone or the survivor(s) of them: · A firm, a company or an association in its name |
| AMOUNT | Minimum Deposit – Rs.1000/- and multiples of Rs.100/-
No maximum amount. |
| MODE OF INTEREST PAYMENT | Interest payable is renewed with principal on maturity. |
| TENOR OFFERED | Minimum 7 Days
Maximum 180 Days |
| INTEREST PAY OUT FREQUENCY | Interest would be paid along with principal on maturity subject to TDS. |
| ADDITIONAL BENEFITS FOR SENIOR CITIZEN | · Additional interest of 0.50% p.a payable |
| MONETARY LIMIT FOR ADDITIONAL INTEREST FOR SENIOR CITIZEN | · For amounts up to Rs.10 cr.
· However, no single deposit to be opened in a day for more than Rs 2 Cr within the overall limit of Rs 10 Cr tagged to a single CIF. |
| ADDITIONAL BENEFITS FOR STAFF | · Additional interest of 1.00% p.a payable
|
| MONETARY LIMIT FOR ADDITIONAL INTEREST FOR STAFF | · For amounts up to Rs.2 cr. |
| ADDITIONAL BENEFITS FOR EX-STAFF SENIOR CITIZEN | · Additional interest of 1.50% p.a payable |
| MONETARY LIMIT FOR ADDITIONAL INTEREST FOR EX-STAFF SENIOR CITIZEN | · For amounts Up to Rs.10 cr.
· . · However, no Single deposit to be opened in a day for more than Rs 2 Cr within the overall limit of Rs 10 Cr tagged to a single CIF. |
| NOMINATION FACILITY | · Available |
| ROLL OVER FEATURES | · Available Automatic renewal facility for period of original deposit after 10 years account to be closed and opened afresh. |
| PRECLOSURE FACILITY | · Available |
| PRECLOSURE PENALTY | · As per existing penalty structure |
| TDS / 15G/15H | · As applicable & As per eligibility |
| LOAN AGAINST DEPOSIT | · Available as per terms and conditions |
| ANY OTHER INFORMATION RELEVANT TO THE PRODUCT | · Additional rate would be offered on all deposits of 7 days to 10 years except for deposits under Capital Gain Scheme 1988 & NRE.
· However, in the case of term deposits standing in the name of an HUF, the Karta of the HUF is not eligible for higher rate of interest, even if he is a senior citizen, as the beneficial owner of the deposit is the HUF and not the Karta in his individual capacity |
( Last modified on Jul 19, 2022 at 07:07:05 PM )
