Bank Fixed Deposits are also known as Term Deposits. In a Fixed Deposit Account, a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest. The rate of interest for Bank Fixed Deposits depends on the maturity period. It is higher in case of longer maturity period.
There is great flexibility in maturity period and it ranges from 15days to 5 years. The interest can be compounded quaterly, half-yearly or annually and varies from bank to bank. Minimum deposit amount is Rs 1000/- and there is no upper limit. Loan / overdraft facility is available against bank fixed deposits. Premature withdrawal is permissible but it involves loss of interest.
Any person or persons approved by the Bank. Co-operative Societies, Registered rust, Institutions and Associations. By two or more persons in their joint names. By a natural guardian i.e. father or mother approved by the bank on behalf of a minor.
MINIMUM DEPOSIT: Rs.1000/-
LOAN AGAINST DEPOSIT: 90% Loan against deposit amount is available.
TERM DEPOSIT RECEIPT
The Bank will issue a receipt in favour of the depositor /s showing the amount deposited, the period for which the deposit is accepted, maturity date and maturity amount. .