Term Deposits

Term Deposit
Term deposit is a kind of deposit received by the Bank for specific period of time, in which the depositor  can  withdraw only after the expiry of said period. Term Deposit also includes Recurring Deposit, Fixed deposit and Long term Deposit.

Who Can  Invest in Term Deposit
  • Individual
  • Joint Account of Individuals
  • Minors
  • illiterate/blind persons
  • Sole Proprietor
  • Partnership firm
  • Club, Societies, Association
  • Limited Companies/Trust
  • School/Colleges
  • H.U.F Executor/Administrator
  • Government or Semi Government departments
Period Of Deposit
Term deposit is  accepted for the minimum period of 15 days and the maximum period is 120 Months.

Rate Of Interest
The interest on term deposit is to be compounding quarterly i.e. Long Term deposit and Recurring Deposit  and the interest on fixed deposit can be paid monthly, Quarterly or half yearly basis.

The interest rates on domestic Deposits w.e.f.11.05.2017 are as under:
Maturity Period Proposed
15 Days -30 Days 4.25
31Days-45 Days 4.25
46 Days -90 Days 5.75
91 Days – 179 Days 6.25
180 Days to less than 1 Yr. 6.25
1 Yr. to less than 2 Yr. 6.70
2 Yr. to less than 3 Yr. 6.50
3 Yr. to less than 5 Yr. 6.50
5 Yr. to  10 Yr. 6.50

Interest of 0.5% above these rates will be advisable to domestic deposit only to Sr. Citizens on a single Fixed deposit receipt of Rs.5000.00 and above for one year and above. Minimum amount should be Rs.100000.00 for single FDR For period of 15days to 45 Days.

Further retired staff members of our Bank fulfilling this criteria of Senior Citizen would also be eligible to get the benefit of 0.5% higher rates on interest on maturities in addition to existing benefit of 1.00% higher over and above the normal rates as per extant guidelines of Domestic Term Deposits.

Premature Repayment/ Force Closure
If the payment of term deposit is made before the completion of period of deposit agreed, the rate of interest payable in respect of such deposit shall be 1% less ,the one applicable to the period for which the deposit remained with the Bank.

Nomination : Available


Tax at source will be deducted,if the interest calculated on Fixed deposit/Term Deposit/Recurring Deposit is Rs.10000.00 or more during a financial year

Without PAN NO 20% of the interest credited during a financial year.
With PAN 10% of the interest credited during a financial year.

The depositor can be exempted from TDS on his/her Fixed Deposit if he/she provided the documents given below along with his/her PAN number, provided his/or her total income from all sources remains within Taxable Limits.
FORM NO  15 G For all person except Senior citizens i.e ofage below 60yrs.
FORM NO  15 H For senior citizen ( of Age 60 Yrs and above)

Recurring Deposit
A recurring deposit account in a Bank, where  a depositor deposit a fixed amount of money every month for a fixed tenure. This scheme is meant for the investors  who wants to deposit a fixed amount every month, in order to get lump sum after  certain period. The rate of interest is the same applicable on the fixed deposit.

RD  account can be opened by
  1. A person in his/her own name.
  2. Two person or more person in their joint names with clause like “Either or Survivor”/ “Any one     or Survivor”/ jointly.
  3. On behalf of the minor by a guardian.
  4. A depositor may have more than one RD account in his name or in joint names with others

Period of deposit  is normally multiples of 12 months i.e.12,24,36,etc.  upto maximum period of 120 months.

The Interest rates on Recurring Deposits w.e.f. 11.05.2017 are as under
1 Yr. to less than 2 Yr. 6.70
2 Yr. to less than 3 Yr. 6.50
3 Yr. to less than 5 Yr. 6.50
5 Yr. to  10 Yr. 6.50

Closure of RD Account Before Maturity

Rs 100.00
No Charges on account of death of the Customer.

Penalty in RD
Penalty in late payment of RD instalments. Rs5 per hundred per month.
Minimum Rs.5.00