Double Benefit Deposits provide a higher yield on the principal at the end of the stipulated period as the interest is compounded on quarterly basis; but, the principal and the accrued interest is paid only at the end of the period for which the deposit is placed with the Bank and not monthly or half-yearly as in the case of other types of deposits. This scheme is useful for short term and medium term investment ordinarily ranging from 12 months to 120 months.
KYC ( Know Your Customer) Norms for opening account are applicable for these accounts  also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s
Types of Accounts
The accounts may be opened in the names of:
(i) Individual — Single Accounts
(ii) Two or more individuals — Joint Accounts
(iii) Sole Proprietory Concerns
(iv) Partnership Firms
(v) Illiterate Persons
(vi) Blind Persons
(vii) Minors
(viii) Limited Companies
(ix) Associations, Clubs, Societies, etc.,
(x) Trusts
(xi) Joint Hindu Families (accounts of non-trading nature only)
(xii) Municipalities
(xiii) Government and Quasi-Government Bodies
(xiv) Panchayats
(xv) Religious Institutions
(xvi) Educational Institutions (including Universities)
(xvii) Charitable Institutions
Period and Amount of Deposit

Deposits under Double Benefit Deposit Scheme are accepted for a fixed period from six months upto a maximum period of 120 months. These deposits, on maturity are repayable with interest compounded on quarterly basis. These deposits may be accepted even for periods where the terminal quarter/half year is incomplete.

Minimum amount that may be accepted for the scheme shall be Rs.10,000/-in Metro and Urban Branches and Rs.5000/- at Rural and Semi urban Branches For senior citezens the min amount is Rs5000/-
Minimum Amount criteria will not be applicable to Subsidy kept under GOVT Sponsored Schemes, Margin Money, earnest money and court attached/ordered deposits
Payment of Interest:
Interest will be paid at the time of maturity along with principal with quarterly compounding.(The payment/credit of interest in the account will be subject to TDS as applicable)PAN number is essential for those accounts where TDS is deducted.
Payment and Renewal of Deposits Before Maturity
Depositors may request repayment of their deposits before maturity. Repayment of term deposits before maturity is permissible in terms of the directives of the Reserve Bank of India issued from time to time. In terms of the directives, the provision regarding premature withdrawal of deposits is as follows: