Deposit is for a short period or for a longer tenure. Any amount deposited for a period above 14 days to below 365 days is considered as Short Term Deposit.- Any deposit of 365 days and above but maximum upto 120 months is termed as Fixed Deposit. Rates are applicable as decided by the bank from time to time.
- Minimum deposit amount is RS 1000/- and no maximum ceiling.
- The account can be opened after completion of KYC formalities & AML guidelines of Reserve Bank of India.
- The periodical interest will be paid quarterly / half yearly / yearly depending upon the deposit scheme and as per the choice of depositor.
- TDS as per the Income Tax Act, will be deducted if the amount of interest in a financial year exceeds RS10000/-.
- If you do not wish to pay TDS by deduction at source you will have to submit Form 15-G/15-H along with PAN card every financial year.
Fixed Deposit
