- Depositors are allowed to draw interest on monthly / quarterly / half yearly basis provided the deposit is made for a minimum of 12 months.
- KYC norms are to be strictly fulfilled. Customers are required to furnish ID / Address proof as minimum requirement under KYC.
- Bank has right to fix the minimum amount that may be accepted under term deposits. The minimum amount fixed is Rs. 5000/-. Also, the minimum amount of installment under Recurring deposit scheme is Rs. 100/-
- Premature withdrawal facility may be provided to the customers subject to levying penalty as applicable on the date of premature closure.
- Proceeds of term deposit a/c along with interest if comes to below Rs. 20,000/-, Bank may make payment by cash or if it is over Rs.20,000/- by means of Bankers cheque/draft / transfer to party’s account.
- With regard to payment of interest rates on matured deposits, Bank may pay interest as applicable as on the exact date of renewal of deposit plus interest at Savings Bank rate for the lapsed period over 14 days. In case deposit is renewed within 14 days from the date of maturity, interest may be paid at the rate as applicable as on the date maturity of the deposit.
- All persons aged 60 years and above are to be treated as Senior Citizen and such persons are made eligible for additional interest of 0.5 % over the rate applicable to the particular period of deposit.
- Opening of accounts under financial inclusion by weaker section people to enable them to have access to the minimum Banking facilities.
- The interest to be offered for term deposits depend on the period of deposit opted by the customer.
- Depositors are to be provided with nomination facility for all types of deposits.
- All deposits are to be covered with Deposit Insurance Corporation where by the deposits of the customers are covered with Insurance to a maximum extent of Rs. 5.00 lakh only.
- Term Depositors are provided with provision for premature withdrawal facility, however with a clause to charge a penalty for such closure.
- Tax Deducted at Source is applicable as per Income Tax rules for all term deposit accounts of all customers.
- Term deposit account holders are allowed to avail of loan against the security of their deposits by way of lien which is to be repaid in a lump sum or installment basis on or before the maturity of the deposit. Interest payable on such deposits may be credited to the loan account.
- The rate of interest on such loans granted against the deposits of the depositors will be a minimum of 2 % over and above the rate of interest payable on deposits.
- The bank may allow premature extension of deposits for the convenience of the depositor provided the deposit in question remains with the Bank for a period longer than the remaining period as per the original contract.
- Payment of interest on a monthly basis is allowed for term deposits kept by Senior Citizens without discount. The facility is available for other General public also but with discount.
- Bank may accept deposits from the depositors to be kept for certain fixed periods ranging from 30 days to 60 months.
Term Deposits
| PERIOD | REVISED ROI | |
| General Public | ** Senior citizen | |
| 15 days to 45 days | 3.00% | 3.50% |
| 46 days to 180 days | 4.50% | 5.00% |
| 181 days to 1 years | 5.50% | 6.00% |
| Above 1 year to 2 years | 6.25% | 7.25% |
| Above 2 years | 7.00% | 7.50% |
