To open a Savings Bank Account, you need to fulfill the KYC norms as per RBI guidelines. The customer is required to provide the following valid proofs:
A fixed deposit is meant for those investors who want to deposit a lump sum of money for a fixed period; say for a minimum period of 15 days to ten years, thereby earning a higher rate of interest in return. Investor gets a lump sum (principal + interest) at the maturity of the deposit.
Banks' fixed deposit scheme is one of the most common savings schemes for an average investor. Fixed deposit also gives a higher rate of interest than a savings bank account.
Our Bank offers you simple Fixed Deposits at very competitive interest rates. You can deposit money of more than Rs. 5000/- for 365 days and above. In Fixed Deposit, you can transfer your interest to your existing account (Savings) quarterly.
Bank deposits are the safest investment after Post Office savings because all bank deposits are insured under the Deposit Insurance & Credit Guarantee Scheme of India. It is also possible to get a loan up to 85% of the deposit amount from banks against fixed deposit receipts. The interest charged will be 1.00% more than the rate of interest earned by the depositors.
TDS is applicable on interest above Rs. 10,000/-. For this purpose, banks have a policy to make nominal members so TDS is not applicable in certain cases.
Sr No | Term of Deposit | For Deposits Below 3 crores | For Deposits Rs.3 crores to & above | ||
---|---|---|---|---|---|
For Individual/ Local Authority/ Co-operative Societies/ Trust | For Senior Citizen | For Individual/ Local Authority/ Co-operative Societies/ Trust | For Senior Citizen | ||
1 | 15 - 45 days | 3.50 | 3.50 | 3.50 | 3.50 |
2 | 46 - 90 days | 4.75 | 4.75 | 4.75 | 4.75 |
3 | 91 - 179 days | 5.00 | 5.00 | 5.00 | 5.00 |
4 | 180 - 364 days | 5.75 | 5.75 | 5.75 | 5.75 |
5 | 1 Yr (365 days) | 7.15 | 7.65 | 7.40 | 7.90 |
6 | 1 Yr < 2 Yr (365 - 729 days) | 7.15 | 7.65 | 7.15 | 7.65 |
7 | 2 Yr < 3 Yr (730 - 1094 days) | 7.10 | 7.60 | 7.10 | 7.60 |
8 | 3 Yr < 5 Yr (1095 - 1824 days) | 7.00 | 7.50 | 7.00 | 7.50 |
9 | 5 Yr - 10 Yr | 6.75 | 7.25 | 6.75 | 7.25 |
Recurring deposit rates are applicable as per term deposit rates. Please refer to the above table for further details.
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