Eligibility

Any individual either singly or jointly with others, a natural / legal guardian on behalf of a minor, Hindu Undivided Families, Trusts, companies, firms.

Period of Deposit

Deposits are accepted for period of 3 years and up to a maximum of 10 years

Minimum Deposit Amount

The minimum deposit amount accepted under the scheme is Rs. 1 lac and in multiples of Rs. 10,000/- thereafter. There is no upper ceiling for the amount of deposit.

The deposit received under Floating Rate Dposit Scheme will carry interest rate as follows: 5-year G Sec rate (daily average for the last 6 months) for deposits with maturity period of 3 years to 5 years and 10 years G Sec rate (daily average for the last 6 months) for deposits with maturity period of over 5 years to 10 years. As the scheme envisages floating rate of interest, the rate for a particular deposit keeps changing and it is reset once in six months as on 1st March and 1st September every year irrespective of the date of deposit.

The deposit received under Floating Rate Deposit Scheme will carry interest rate as follows

5-year G Sec rate (daily average for the last 6 months) for deposits with maturity period of 3 years to 5 years and 10 years G Sec rate (daily average for the last 6 months) for deposits with maturity period of over 5 years to 10 years.

As the scheme envisages floating rate of interest, the rate for a particular deposit keeps changing and it is reset once in six months as on 1st March and 1st September every year irrespective of the date of deposit.

Periodicity of Interest Payment

The interest on the deposit is payable quarterly on the 1st working day of January, April, June and September

Premature Closure

Yes. The deposit can be closed before the maturity date provided the deposit has completed 3 years from the date of deposit and a notice for premature closure is given at least 10 days in advance. The deposit will not be closed prematurely if it has not completed 3 years.

Interest Payable on Premature Closure

On premature closure there will be a foreclosure charge of 1.00%. The foreclosure charge will be deducted from the applicable interest payable on the deposit as reset on every 1st of March and September

Loan Against Deposit

Loan up to 90% of the amount of deposit can be obtained. The interest payable on the loan will be 2.00% over the Floating rate for self and 3% over the floating rate for third parties. The interest on loan will also be reset corresponding with the interest reset on the deposit.

Conversion of existing Fixed Interest Rate deposit into Floating Rate deposit

The existing fixed interest rate deposit can be converted to floating rate deposit by closing the deposit prematurely and opening a floating rate deposit. The interest rate on the prematurely closed Fixed interest rate deposit will be payable at the appropriate rate for the period the deposit has remained with the bank without deducting any foreclosure charges. The Floating Rate Deposit cannot be converted to Fixed Interest Rate deposit.

While all efforts have been made to update the information, constituents are requested to contact the branches for latest details.