The term Fixed Deposits means deposits which are not repayable on demand but is repayable after the expiry of a fixed period. In the case of these deposits, the period of deposit is fixed at the time of opening the account and making the deposit. The period of deposit should not be less than 15 days or as per the instruction given by the Bank. Each time, deposit is a separate contract and no change in terms and conditions is permissible except under statutory obligations as per R.B.I. directives, till the deposit matures for payment.
Rate of Interest:
Rate of interest payable on fixed deposits is subject to the directives of R.B.I. from time to time and policy of the Bank. Scheme of giving additional rate of interest to Senior Citizen.
Reserve Bank of India has permitted banks to formulate Fixed Deposit Schemes specifically meant for Senior Citizen offering higher rate of interest as compared to normal deposit rate of interest. Accordingly, the Bank offers 0.5% p.a. additional rate of interest on all Term Deposits and Recurring Deposit Accounts standing in the name of Senior Citizen.
An individual in his/her own name.
- More than one individual in their joint names payable to all of them jointly or any one or more of them or survivor/s.
- A guardian on behalf of a minor with a declaration as to the date of birth of the minor and also that the monies will be utilized only for the minor’s benefit.
- A partnership firm, a company, an association, Trust, Society etc.