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In a Fixed deposit scheme, the amount deposited by the customer is invested for a fixed time/specific period, repayable on maturity/due date with agreed rates of interest, payable as simple interest either monthly or quarterly.
An account can be opened in the name of the person in his own name or two or more persons in the name of an institution, trust, society, name of a minor under guardianship of natural parents.
The customer has to complete all the necessary formalities as well as fulfill the documents as per KYC norms i.e. 2 latest photographs, Address proof, Identification proof, etc. as mentioned in saving schemes.
At present, the rate of interest varies from 6.00% to 9.25% on different time periods which are reviewed from time to time.
An Extra 0.50% interest rate is allowed for senior citizens.
No interest is paid if the deposit remains with the bank below 14 days in case of premature withdrawal.
A customer can avail of the loan facility to the extent of 85% of the amount of FD.
No penalty shall be charged from the customer on an amount withdrawn prematurely but reinvested in the same branch for a period longer than the remaining period of the original contract.
