FIXED DEPOSIT ACCOUNT
Fixed deposit accounts are opened for Co-operative Societies/Institutions, Individuals and other firms, Company, Trust, HUF, Government and Semi Government Departments.
Documents required for account opening
1) Co-operative Institutions, other firms, Public and Private Limited Companies, HUF, Trust, Government and Semi Government Departments.
- Application in the Bank’s prescribed form.
- Certificate of commencement of business.
- Partnership deed
- Certificate of Incorporation and the resolution of the Board of management.
- License copy
- Permanent Account Number
- Authorized officials ID proof , 2 photos and PAN
- Necessary information required by the Bank.
2) Individuals
- Application in the Bank’s prescribed form.
- Two Passport size Photographs
- Aadhar card Xerox
- Permanent Account Number
- Address proof – Pass port, Driving Licence, Voter ID, aadhar
3) Account Advantage and Features
- Nomination facility is available on Individual Customers
- Joint accounts can be opened.
- Minor accounts
- Minimum Rs.1000/- Maximum – No ceiling.
- Minimum 15 days, maximum 120 months.
- Interest as applicable to term deposits of various tenure prevailing from time to time.
- Additional interest rate of 0.50% will be paid for senior citizen deposited for period of 1 year and above
- Additional interest rate of 1.00% will be paid for Physically handicap person deposited for period of 1 year and above.
- Deposit Receipts of fresh/Renewal of term deposits will be generally issued on the same day.
- TDS applicable
- Loan facility available up to 80% of the available deposit balance.
- A premature closure of deposit levied penalty of 1%. Such prematurely closed Fixed deposit will earn interest at 1% below the interest rate as ruling on the date of deposit and as applicable for the period run.
- Auto Renewal of Deposit : Deposit shall be renewed automatically for a similar period on the date of maturity at the rate of interest applicable for the period as on the date of maturity, in the absence of any renewal instructions well in advance.