i. Term Deposit Accounts can be opened by individuals, partnership firms, private and public limited companies, HUFs/specified associations, societies, trusts etc.

ii. Formalities/procedures relating to identification and introduction for opening of Term Deposit Accounts in the name of individuals are same as those mentioned for Savings Bank Account. For term deposit accounts of limited companies, partnership firms, societies, trusts etc. the documentation formalities will be made available on request.

iii. The Bank is required to obtain Permanent Account Number (PAN) of the customer or declaration in Form No. 60 or 61 as per the I.T. Act (vide Section 39A) from the person opening the account.

iv. Term Deposit Accounts can be opened for a minimum period of 7 days up to maximum period of 10 years. The minimum/maximum periods are subject to change.

v. The rates of interest vary depending on the period of deposit. The rates applicable as on date can be obtained from the branch and is also available at our web site. Interest is payable at quarterly intervals or at the time of maturity. Interest is also payable monthly at discounted rates.

vi. The Bank issues receipt (Term Deposit Receipt - TDR) for amounts kept in each fixed deposit account. The TDR can be kept in safe custody of the bank free of charge and a safe custody receipt will be issued.

vii. Premature closure of Term Deposit is normally allowed. The rate of interest payable will be the applicable rate (at the time of opening the fixed deposit account) for the period for which the deposit has run less penalty of 1%. The penal provisions for premature closure are subject to change from time to time and may also vary with deposit schemes.

viii. Loan facility is available up to 90% of the principal amount of Term Deposit.

ix. In the absence of specific instructions from the customer, a Term Deposit on maturity is automatically renewed for the same period at the rate of interest prevailing on the date of maturity.

x. Term Deposit Account can be transferred from one branch to another free of cost but not to a branch of Associate Bank of SBI. The depositor has the option to submit his application and the TDR at the transferor or transferee branch.

xi. The maturity proceeds will be credited to the current/savings bank account of the depositor if exceeding Rs.20,000/-.

xii. Interest on Term Deposits is subject to income tax. Exemptions are allowed under certain conditions as specified under the Income tax Act 1961. The full particulars of tax provisions applicable will be provided on request. Depositors may furnish Form 15H in duplicate to receive interest without tax deduction at source (TDS).

xiii. Form 15H is not acceptable when total interest payable by the Branch to a customer exceeds Rs.50,000/-.

xiv. The Bank will issue TDS certificates for the tax deducted.

xv. The Bank may introduce branded term deposit schemes with options /features more attractive to customers. Some of the above provisions in such deposit schemes may be subject to restrictions. Please contact the branch/web site to know the details of such deposit schemes.