Opening Of Fixed Deposit
In a Fixed deposit scheme the amount deposited by the customer is invested for a fixed time/specific period, repayable on maturity/due date with agreed rates of interest, payable as simple interest either monthly or quarterly.
An account can be opened in the name of a person in his own name or two or more persons in the name of institution, trust, societies, name of a minor under guardianship of natural parents.
The customer has to complete all the necessary formalities as well as full fill the documents as per KYC norms i.e. 2 latest photographs, Address proof, Identification proof, etc. as mentioned in saving schemes.
At present, the rate of interest varies from 6.00% to 8.25% on different time periods which are reviewed from time to time.
An Extra 1.00% interest rate is allowed to senior citizens.
No interest is paid if the deposit remains with the bank below 14 days in case of premature withdrawal.
A customer can avail of the loan facility to the extent of 80% of the amount of FD.
premature is allowed on applicable bank charges
