This is a fixed deposit scheme with competitive interest rates that offers easy liquidity. The scheme is ideal for both long-term and short-term investment objectives. The withdrawal limit is flexible, and along with the preferential interest rates this plan is designed to give you financial security.
Min – Rs.5,000
Max- No upper limit
|Rate of Interest||
As per the maturity period of the deposit
For senior citizens, additional 0.50% per annum
Min – 12 months
Max – 60 months
|TDS||TDS applicable as per regulations from the Income Tax department.|
|Nomination||Nomination facility available|
There is no penalty on premature withdrawal for amounts up to Rs.5 lakhs, which has been deposited with the bank for a minimum tenure of 12 months. All other premature withdrawals will attract a penal interest rate of 1% below the applicable rate as mentioned in terms of the deposit.
A part of the overall deposit may be withdrawn as per the terms of premature withdrawal, with you still earning interest at the stipulated rates.
Interests are calculated on a quarterly basis and credited to your account on a half-yearly basis.
For individuals, form 401 has to be submitted while non-individual applicants need to submit form 401A.
You can pay deposits multiple means.
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