Term Deposits

Bank has many deposit schemes tailored to suit the needs of its customers, both individuals and organizations.

• Premature Closure is allowed & Penal Interest will be applicable for the same.
• 15G/15H forms submission in respective branches is required in eligible cases. (From the date of submission of 15G/H Forms, TDS would not be applicable. Form submitted in last day of the month will be effective succeeding month)
• Deposit Auto Renewal facility available.

The facilities of nomination, loan against term deposit and foreclosure of term deposit are available. Interest paid on domestic term deposits, Recurring Deposit, is subject to Tax deduction at source, as per rules from time to time. Further details can be held from any of our branches.

Special Interest Rates on Deposits of Senior Citizens

Senior Citizens who have completed the age of 60 years can open the deposit account under any of the above Deposit schemes by providing age proof for the first time only . Joint account can also be permitted provided the first named person should be the Senior Citizens. The scheme may be opened under STD/Fixed Deposit/RPD scheme and can earn additional rate up to 0.25%* over the card rate payable. The period of deposit is from 15 days to 60 months. Other facilities like loan, nomination etc will be applicable for deposits of Senior Citizens also.

*for details contact branch.

The various deposit schemes are as under :

Short Term Deposit

The Deposits in this scheme are accepted for a minimum amount of Rs.1000/- with minimum period of 15 days and a maximum period is less than 1 year. No ceiling for maximum amount of deposit.

Fixed Deposit

Fixed Deposits are accepted for a minimum amount of Rs.1000/- with minimum period of 1 year and a maximum period of 60 months. No ceiling for maximum amount of deposit. Interest due can be paid monthly (at discount value), quarterly, half yearly, yearly or at maturity according to the choice of the depositor. Interest payable on Fixed Deposit can also be transferred to Savings Bank or Current Account of the customer. Facilities for loan, foreclosure, nomination etc. are available.

Reinvestment Plan Deposits

Reinvestment Plan Deposits ( Dhanvardhini Plan ) - (RPD) are accepted for a minimum amount of Rs.1000/- and for minimum period of 13 months and a maximum period of 27 months, @ 6.75%  pa. No ceiling for maximum amount of deposit. Savings grow faster under RPD as the interest is compounded quarterly. At the end of the stipulated period a much larger amount is paid. Facilities for loan, foreclosure, nomination etc. are available.

Deposits for  Rs  25.00 lakhs and above  in a single amount, bank provides additional 0.50 %  (*) interest rate.

Sudarshan Deposit - (SDS) are accepted for a minimum amount of ₹1000/- and for period of 15 months, @ 7.00% pa.
No ceiling for maximum amount of deposit. Facilities for loan, foreclosure, nomination etc. are available.

Recurring Deposit

Recurring Deposit is a scheme drawn specially to suit the needs of the individuals, particularly the salaried class, small traders etc., to plan their savings to meet specific demands. Recurring Deposit account can be opened with a monthly instalment of Rs. 100 or in multiples thereof, for a period of 12 months and in multiples of 3 months up to a maximum of 60 months. The depositor will get the instalment amount along with the interest on the due date. Facilities for Loan, foreclosure, nomination are available.