Deposits

Fixed Deposit

A.      FIXED DEPOSITS
This deposit is for those customers who are looking for higher rate of interest for their investments. Usually interest will be paid on every quarter. If the customer needs monthly interest for this deposit, it will also be paid every month. But the rate of interest will be a little lower (Discounted Rate). The depositor can avail 85% of the amount of deposit as loan and the interest rate of that loan will be 2% higher than the deposit interest rate. (Min. 15 Days & Max. 10 Years)

The key features of Ordinary Fixed Deposits are;

·         Deposits are accepted for fixed period.

·         Account can be opened for a minimum period of 15 days to 120 months.

·         Nomination facility is available.

·         Simple interest is eligible, depending upon the period of deposit.

·         Premature Closing is allowed, subject to penalty if any.

·         Loans can be obtained against the deposit amount.

·         Interest can be withdrawn in option monthly / quarterly.

·         Standing instruction is accepted for transferring the interest.

Deposit Rate of Interest:

Sl.No.

Period Slab

Type of Deposit

Individuals 

Institutions

Senior Citizens

Co-Operative  credit societies and banks

1

              15days to      45 days

Fixed

5.75

5.50

6.25

5.75

2

46 to 90 days

Fixed

6.75

6.50

7.25

6.75

3

91 to 179 days

Fixed

7.25

7.00

7.75

7.25

4

180 to 364 days

Fixed

7.75

7.50

8.25

7.75

5

1 year and below 2 years

Fixed

8.25

8.00

8.75

8.25

6

2 years and above

Fixed

8.00

7.75

8.50

8.00

7

Recurring deposit

Minimum 1 year & Max 10 years

Recurring

As applicable to FD

As applicable to FD

As applicable to FD

As applicable to FD

8

Savings Deposit

Savings

 

4

 


B.      SWAYAM VARDHINI DEPOSITS
This deposit has almost all the features of an ordinary Fixed Deposit, but the interest accrual will be compounded & added to the Principle in every quarter. Hence interest earned will be higher than that of ordinary rate applicable to FDs. 85% of the deposit can be availed as loan. (Min. 1 Year & Max. 10 Years)

 

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