Opening of Fixed Deposit
- 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- No penalty shall be charged from the customer on an amount withdrawn prematurely but reinvested in the same branch for a period longer than the remaining period of the original contract.
ATM HELPLINE (9:00-05:00)
