Mode of calculation of Interest on Short Deposits and Fixed Deposits for periods less than 12 months:

KYC ( Know Your Customer) for opening account is applicable for these accounts hence proof of residence and proof of identification will be required alongwith recent photograph of the depositor/s

Need to open Savings Bank Accounts

It is desirable that the Term Deposit account holders also maintain Savings Bank accounts with the Bank so as to avoid delay in disbursement of interest on term deposits or inconvenience to the depositor to call on the Branch to collect interest.

``For the benefit and convenience, may we suggest that you open a Savings Bank Account with us and give us instructions to credit thereto, half yearly interest on this Term Deposit Receipt. Your interest will earn interest.'' 

Types of Accounts
Term Deposit 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 

Minimum amount Rs.1 lac for SDR and Rs.10,000/- for FDR in Metro and Urban Branches and Rs.5000/- in Rural and Semi urban branches and  for senior citizens the minimum amount  will be Rs 5000/-Minimum amount per single deposit for period of 7days to 14 days will be Rs.1lac.

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: (Subject to applicable TDS)
Interest will be paid half yearly on 1st October and on 1st April and in case these dates falls on holidays then on the next working day

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: