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 Apr 24, 2020 at 03:04:29 PM )