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PARAMETERS
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FEATURES*
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Eligibility
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Individual (singly or jointly) with others
Minor who have attained the age of 10 years and above in his own name on giving proof of age
Proprietorship/Partnership Firm, Commercial Organization, Company /Corporate Body
Hindu Undivided Family
Association, Club, Society, Trust or Religious/Charitable or Educational Institutions
Municipality or Panchayat, Government or Quasi-Government Body
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Deposit Amount
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Minimum deposit of Rs.1000/- or in multiple thereof. However, acceptance of FDRs of above Rs.10 crore shall be strictly subject to approval by Treasury Division, HO.
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Period of Deposit
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From 07 days to maximum 10 years, even for incomplete quarters.
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Issue of confirmation of Deposit
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As the rate of interest payable on the FD made under the ‘scheme’ may change during the currency of FD, the rate of interest payable till the maturity of FD and maturity value cannot be pre calculated.
However, rate of interest and maturity value as per the relevant rate applicable on the date of making the FD will be mentioned in the field meant for the purposes in the confirmation of deposit, with explanatory note “Subject to change in the rate of interest from time to time during currency of the FD”. A rubber stamp bearing the name of the scheme and explanatory note stated above be invariably affixed on the confirmation of deposit.
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Demand Loan/Overdraft facility
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Depositors will be eligible for taking Demand Loan/Overdraft facility, as per bank scheme, against the FD made under the ‘scheme’. However, for taking Overdraft facility, the FD should be for a minimum of Rs. 10000/.
The facility as per (i) above can be allowed on written request made by the depositor on completion of Bank’s formalities, as circulated by HO: IRMD under the scheme ‘Advances Against Bank’s Deposit’.
Loan/Advances and margin requirements on Loan or advance against Fixed Deposit shall be automatically changed as per the scheme mentioned above depending upon the Circulars issued from time to time by HO: Integrated Risk Management Division.
On maturity, the loan/OD liability may be adjusted from the proceeds of FD and residual proceeds may be accounted for as per depositors’ mandate, if any. In absence of mandate, the proceeds will remain in ‘Overdue’ category.
The facility of ‘overdraft’ shall not be available in the account opened in the name of illiterate or a blind person.
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Premature Withdrawal
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If any depositor desires to withdraw the deposit before maturity, Bank may at its discretion repay the deposit with up to date interest. In such cases, following guidelines will be followed:
Term deposits of up to Rs.10 Crore:
Where deposit remains with the bank up to 5 years, interest payable will be 1% minus the rate that remained effective from time to time for the period FD has actually run.
Where deposit remains with the bank above 5 years, interest payable will be 0.5% minus the rate that remained effective from time to time for the period FD has actually run.
Term deposits of above Rs.10 Crore
(For accepting deposits of above Rs.10 Crore, prior approval of HO: Treasury Division is required)
In case of pre-mature cancellation of FD of above Rs.10 crore, rate of interest that remained effective from time to time for the period FD has actually run will be paid, without making any reduction.
Note: - FDRs under DRI shall not be issued under this scheme.
Staff members, Senior citizens and instances of death of the depositors before maturity, would continue to be exempted from the levy of penal interest.
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* Other terms and conditions as per general guidelines