Non-cumulative - Fixed Deposit Account
All resident individuals are eligible to open a "Quarterly Income Scheme" account in single/joint name/s.
- Interest is payable at the contracted rate every quarter on the fixed deposit which is accepted for any period from one year to ten years
- Interest is paid /credited to the Savings/Current/Cumulative account of the depositor at every Quarter.
- The deposit can be placed for 15 Day to 120 months
- Nomination facility is available under this scheme
Cumulative - Fixed Deposit Re-Investment Account
Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, Blind persons, Housewives, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a "Fixed Deposit Receipt" Account" in single/joint name/s.
Payment of Interest:
Interest will be paid on quarterly basis and in case the date of interest payment falls on holiday then on the next working day
Payment and Renewal of Deposits Before Maturity
Depositors may request repayment of their deposits before maturity. Repayment of term deposits before maturity is permissible in terms of the directives of the Reserve Bank of India issued from time to time. In terms of the directives, the proviso regarding premature withdrawal of deposits is as follows:
- In the event of the FDR being closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of deposit for the period for which the deposit has remained with the Bank, with premature closure penalty.
- Provision for nomination.:- Nomination facility is available
- Rate of Interest:- Rate of interest differs depending upon tenure of the deposits and as and when the Bank changes the rate.
- Senior citizens are offered additional interest of 0.25 % for deposits placed for 91 Days and above period.