Special Term Deposit

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Special Term Deposit

This product is a variant of Term Deposits but instead of Interest being paid out at a regular frequency during the period of deposit; here it is paid out only at the time of maturity. Regular interest is added to the principal and compound interest calculated and paid thereon

Features

  • Minimum period of deposit - 6 Month
  • Maximum period of deposit- 10 Years
  • Available at all branches
  • Minimum deposit: Rs. 1,000/-, Maximum deposit: No upper Limit
  • A deposit of Rs. 2 crore and more is treated as bulk deposit
  • Interest on deposit is compounded quarterly and paid to depositor at the end of the term
  • Nomination available in favour of individual only
  • Term Deposit (together with interest) of Rs. 20000/- and above shall not be paid in cash.
  • Transferability allowed among our branches
  • TDS is applicable as per Income Tax Rules. Form 15G/H can be submitted by the depositor for exemption from tax deduction as per IT Rules.
  • Loan against deposit is allowed with applicable margin as under:
Residual tenor of Deposit as on Date of availing loan (For Public) Margin

Up to 36 Months

5%

>36 months & up to 60 months

10%

>60 months

15%

Eligibility

  • Resident individuals singly or jointly, Minor (himself/herself or through his/her Guardian), Karta of HUF, Firm, Company, Local Bodies and Any Government Department

Terms And Conditions

  • Premature closure available.
  • For Term Deposit up to Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
  • For Term Deposits above Rs 5.00 lacs, applicable penalty will be 1% (all tenors).
  • The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
  • However, no interest will be paid on Deposits which remain for a period of less than 7 days.

Last Updated On : Wednesday, 17-08-2022

Interest Rates

8.60%* p.a.

w.e.f. 26.01.2023

*T&C Apply.

 

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