Overview of Bharat Bank Fixed Deposit
The Bharat Co-operative Bank (Mumbai) Limited is registered under The Maharashtra Co-operative Societies Act, 1960 and is popularly known as Bharat Bank.
It commenced its banking operations in 1978, from its current location in Mumbai, with a capital base of Rs. 6.32 lakhs.
The Reserve Bank of India conferred scheduled status to the bank on 22nd April, 1996 and the Bank subsequently registered as a Multi-State Scheduled Co-operative Bank on 26th September, 1997.
Bharat Bank Fixed Deposits
Bharat Bank offers a high interest rate on its fixed deposit with interest payable on a monthly or quarterly basis, or on maturity, depending on the depositors' preference. An auto renewal facility is also available with and without interest
Eligibility - Who can open an FD account with Bharat Bank?
Fixed Deposits may be opened by the following entities:
- Individuals
- Minors
- Registered Co-op. Societies
- Registered Public Trusts
- HUFs
What Fixed Deposit Schemes does Bharat Bank offer?
The Bharat Co-operative Bank offers the Bharat Deposit Tax Benefit under its fixed deposit scheme. This scheme provides an interest rate of upto 10 per cent on its tax saving fixed deposit.
Does Bharat Bank offer tax saver fixed deposits?
Bharat Bank offers the 5 year Bharat Co-operative Tax Savings Scheme, with a maximum deposit amount of upto Rs 1 lakh. This scheme offers general interest rates of 9.25%, and interest rates of 9.50% for senior citizens.
Are FD accounts with Bharat Bank taxable?
Tax savings fixed deposit from the bank qualifies for tax rebate under Section 80C of the Income Tax Act. Tax will be deducted at the source, if the interest income on a fixed deposit per annum exceeds Rs.10,000. The amount invested in fixed deposits with a maturity period of 5 years in a Scheduled bank is eligible for tax deduction under section 80C. However, the interest earned on the deposit is taxable.
Are loans provided against FDs at Bharat Bank?
Loans can be availed on the fixed deposit upto 95% of the amount.
Does Bharat Bank offer senior citizens special rates on their fixed deposits?
Senior citizens earn an additional 0.25% on all rates for tenures over 1 year to 3 years.
Does Bharat Bank allow for premature withdrawals?
The bank allows for premature withdrawals but a charge of 0.25 % will be levied on renewals that take place prior to maturity.
Can NREs open a fixed deposit with Bharat Bank?
For deposits of less than 15 lakhs, NREs can open fixed deposits at rates ranging from 8.50% to 8.75% for FD tenures of 1-3 years and for deposits of more than 15 lakhs, NREs can open fixed deposits at rates ranging from 8.65% to 8.90% for FD tenures of 1-3 years.
FAQs on Bharat Bank Fixed Deposit
- What are the types of fixed deposit schemes offered by Bharat Bank?
There are seven different types of fixed deposit schemes offered by Bharat Bank, such as Bharat Bank Flexi Fixed Deposits Savings Bank Account (FFDSB), Bharat Bank Daily Deposit, Bharat Bank Suvidha Deposit, Bharat Bank Monthly/Quarterly Interest Payout Fixed Deposit, Bharat Bank Tax Benefit Fixed Deposit, Bharat Bank Regular Fixed Deposit, and Bharat Bank Cumulative Fixed Deposit.
- What is the penalty for premature withdrawal of FD in Bharat Bank?
The penalty for premature withdrawal of FD in Bharat Bank is 1.00% which is subtracted from the rate of interest applicable for the period up to which the FD was operational. Although, penalty is not imposed on premature withdrawal in case of death-claims.
- What is Bharat Bank FD minimum deposit amount?
The minimum deposit amounts for Bharat Bank Fixed Deposit and Cumulative Deposit are Rs.1,000.
- What is the fixed deposit interest rate for senior citizens in Bharat Bank?
The fixed deposit interest rate for senior citizens in Bharat Bank ranges between 3.50% to 7.80%.
- What is the highest Bharat Bank FD rate as of today?
The highest Bharat Bank FD rate is 7.30% for general customers for deposit amount of Rs.15 lakh and above.
- What are the available FD tenures in Bharat Bank?
The available FD tenures in Bharat Bank range between seven days to above five years (up to 10 years).
- How to check the fixed deposit balance in Bharat Bank?
You can check the fixed deposit balance in Bharat Bank through both online and offline modes. To check FD balance online, visit the net banking portal and log into your net banking account. You can also visit the bank branch in person to check the FD balance.
- How many FDs can be opened in Bharat Bank?
There is no limitation on the number of fixed deposits that can be opened in Bharat Bank.
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