Quarterly/Monthly Interest Payout Account:
Money invested in this type of deposit (Quarterly/Monthly
Interest Payout) provide fixed quarterly/monthly income by way of interest to
the depositor for a specified period leaving the deposit amount intact. The
Quarterly/ monthly interest will be credited to the savings or current account
of the depositor according to the instructions.
Scheme available at all branches
- Eligibility: Individual - Single
Accounts, Two or more individuals in Joint Accounts, Illiterate
Persons, Blind persons, Minors, Joint Hindu Families, Sole
Proprietary Concerns, Partnership Firms, Limited Companies,
Associations, Clubs, Societies, etc. Trusts,
Institutions/Agencies, Municipalities, Government and
Quasi-Government Bodies, Panchayats, Religious Institutions,
Educational Institutions (including Universities),Charitable
Institutions
- KYC ( Know Your Customer) Norms for
opening account are applicable for these accounts also hence
proof of residence and proof of identification will be required
along with recent photograph of the depositor/s
- Minimum amount that may be accepted for
the scheme shall be Rs.1,000/-
- Type of Deposit - QIP/MIP
- Tenure - Minimum – 14 days , Maximum -
Upto & including 10 years
- Rate of Interest -
As applicable to our
normal domestic term deposits
0.50% extra for Senior Citizens for deposit amount greater than
10000/-
0.50% extra for Minor Girl Child for deposit amount in multiple
of 1000/-
- Payment of Interest- Payment of
Interest ( Quarterly/Monthly ) Subject to applicable TDS
Depositor may receive interest every quarter or month (For MIP
at monthly discounted value)
- Premature Withdrawal – Allowed with
penalty of 1% in the interest rate applicable for the period for
which amount remained with the bank. However, in case of death
of the depositor before the maturity of term deposit, levy of
penalty would be exempted and nominee/legal heir will be allowed
premature payment even before the lock-in-period as per rules.
T&C Apply
- Advance Facility – Upto 60% of the
deposit amount is allowed
- Nomination Facility – Available
- It is desirable that the Term Deposit
account holders also maintain Savings Bank accounts with the
Bank so as to avoid inconvenience to the depositor to call on
the Branch to collect deposit amount.
Other Terms and Conditions:
- In the case of Joint Accounts, only the
first named Depositor will be eligible for deduction under
Section 194A of the Income Tax Act.
- TDS norms will apply as per extant
rules
- *Terms & Conditions apply. For further
details, Please contact your Nearest Branch
- Tabs of 499 and 999 days fd product of
home page to be given here