Fixed Deposit

Members can use this scheme to enable to fund their liquid cash for period of time enabling to get attractive income. This account can be opened by an individual, by a guardian on behalf of the Minor, Partnership, Associations, Trusts, Societies and Corporate bodies.

Rules of Business

Objectives :

This scheme will help the depositor to fund his liquid cash for a period of time enabling him to get attractive income.

Who can open the Account :

Fixed Deposit account can be opened by an individual, jointly with another individual, by a minor by guardian, firms, partnership, Associations, Societies, Companies, Trusts and the corporate bodies. In case of minor/s accounts their date of birth and age should be furnished at the time of opening of the account.

Introduction :

This account should be introduced by a person well-known to the Bank.

Amount of Deposit :

The account can be opened with a minimum balance of Rs .1000/-. However at the discretion of the bank it can be opened for any odd amount over Rs. 1000/- also.

Period of Deposit :

As at present the minimum period for which a depositors may be held is 31 days, whereas the maximum is limited to a period of 10 years. However a depositors it is held in the name of a minor it can be held upto the date of the attaining majority.

Rate of Interest and its application:

This scheme of deposit offers attractive rate of interest which is indicated elsewhere. The rate of interest is related to the period of deposit Interest is paid on a quarterly basis under this account, which will be paid by cash or by pay order or by credit to an account. Where however the depositor desires monthly interest, the same will be permitted at a discount rate according to the rules of Reserve Bank of India.

Nomination :

The account holder/s may nominate a person to receive the amount at credit of the account in the event of the demise of the accounts holder/s.

Loan on Deposit :

The account holder on his request will be granted loan against deposit in accordance with the rules of Reserve Bank of India.

Closure of Account :

The account can be closed only by the account holder / jointly by all the account holders.

Bank's Right to Alter the Rules :

The Bank has got the right to alter the rules in this behalf and the account holder is bound by such alterations in the rules.