| Parameters | Features |
|---|---|
| Eligibility | • Individual (singly or jointly) with others • Minor who have attained the age of 10 years and above in his own name on giving proof of age • Proprietorship/Partnership Firm, Commercial Organization, Company /Corporate Body• Hindu Undivided Family • Association, Club, Society, Trust or Religious/Charitable or Educational Institutions • Municipality or Panchayat, Government or Quasi Government Body • Illiterate and blind persons can also open the account |
| Deposit Amount | Minimum Deposit amount of Rs,10,000/- and thereafter in multiple of Rs.1/- with maximum amount less than Rs. 100 crore. (i.e. Rs 99, 99,99,999/-) |
| Period of Deposit | a. From 46 days to 120 months even for incomplete quarters, for deposit up-to Rs10 crore.b. From 46 days to 36 months even for incomplete quarters, for deposit above Rs10 crore to less than Rs. 100 crores. |
| Interest | 1. Card rate as per guidelines issued by HO: IRMD, ALM cell and/or Treasury from time to time.2. The rate of interest on deposit shall be as per amount bucket of deposit which are:a. Deposits less than Rs.2 croreb. Deposits for Rs.2 crore to Rs.10 crorec Deposits for above Rs 10 crore to less than Rs.100 croreIf the amount bucket of the deposit changes due to part withdrawal of deposit, then rate as applicable for new amount bracket of deposits is to be made applicable from the date of such withdrawal.3. The depositor has the option to draw interest monthly/quarterly or on maturity. Interest shall be paid on compounded basis with quarterly rests if the period of deposit remained with the Bank is 6 months and above. |
| Demand Loan/Overdraft Facility | The option of Demand Loan/Overdraft facility shall be available as per guidelines issued by IRMD (L & A) Circular. |
| Premature Withdrawal of Deposit | The depositor has the facility to withdraw any amount before maturity in multiples of Rs.1/- subject to minimum withdrawal of Rs.1000/- at a time, whenever he needs it without breaking the entire deposit and without losing interest on the remaining deposit under the scheme. The value of Term Deposit Receipt (Principal amount) shall be reduced accordingly. No penalty is to be levied in respect of the part withdrawal of deposit. If any depositor desires to withdraw the entire deposit before maturity, no penalty will be levied and the interest rate payable would be contractual rate or the rate under the scheme on the contractual date applicable for the tenor for which the deposit has run, whichever is lower. |
| Premature Renewal | As per General Guidelines |
| At Par Collection/ Payment of Term Deposit | |
| Interest Certificate | |
| Tax deduction at source | |
| Auto Renewal | |
| Overdue Deposit | |
| Conversion | Allowed for deposit up to Rs.10 crore. |
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