Bank has many deposit schemes tailored to suit the needs of its customers, both individuals and organisations.
The facilities of nomination, loan against term deposit and foreclosure of term deposit are available. Interest paid on domestic term deposits, except Recurring Deposit, is subject to Tax deduction at source, as per rules from time to time. Further details can be had from any of our branches.
Special Interest Rates on Deposits of Senior Citizens
Senior Citizens who have completed the age of 60 years can open the deposit account under any of the above Deposit schemes by providing age proof for the first time only . Joint account can also be permitted provided the first named person should be the Senior Citizens. The scheme may be opened under STD/Fixed Deposit/RPD scheme and can earn 0.50% additional rate over the card rate payable. The period of deposit is from 46 days to 10 years. Kalyan Tax Saver Scheme, Madhusanchay Scheme, NRE Deposits are not eligible categories. Other facilities like loan, nomination etc will be applicable for depoits of Senior Citizens also.
The various deposit schemes are as under.
The Deposits in this scheme are accepted for a minimum amount of Rs.500/- with minimum period of 46 days and a maximum period is less than 1 year. No ceiling for maximum amount of deposit.
Fixed Deposits are accepted for a minimum amount of Rs.500/- with minimum period of 1 year and a maximum period of 120 months. No ceiling for maximum amount of deposit. Interest due can be paid monthly(at discount value), quarterly, half yearly, yearly or at maturity according to the choice of the depositor. Interest payable on Fixed Deposit can also be transferred to Savings Bank or Current Account of the customer. Facilities for loan, foreclosure, nomination etc. are available.
Reinvestment Plan Deposits (RPD) are accepted for a minimum amount of Rs.1000/- and for minimum period of 15 months and a maximum period of 120 months. No ceiling for maximum amount of deposit. Savings grow faster under RPD as the interest is compounded quarterly. At the end of the stipulated period a much larger amount is paid. Facilities for loan, foreclosure, nomination etc. are available.
Central Government vide notification 203 of 2006 dt 28.7.2006 has formulated a Bank Term Deposit Scheme which would be eligible for deduction under Section 80 C of the Income Tax Act. KALYAN Tax Saver Scheme has been launched based on the notification of Central Government. The minimum amount is Rs.100 or in multiples of Rs.100 and the maximum amount is Rs.1,00,000 in a financial year. Individuals or Hindu Undivided Family(HUF) having Permanent Account Number (PAN) can deposit under this scheme. Joint accounts are permitted but the benefit under Section 80C of IT Act are available to the first person. The scheme is for a period of 5 years. Term deposit shall not be pledged to secure loan or as security to any other asset. Foreclosure not allowed before the expiry of 5 years from the date of deposit. TDS on deposits as per Section 194A /195 of the Income Tax Act. Interest will be calculated by simple method and @9% p.a. Interest will be paid on monthly/quarterly basis only.
Under the captioned Scheme, the deposit is accepted for a period of 36 months. Interest is paid to the depositor on quarterly basis. Minimum deposit amount is Rs.10,000/- and in multiple of Rs.5000/- thereafter with no maximum limit. Facilities for loan, foreclosure, nomination etc. are available.
Recurring Deposit is a scheme drawn specially to suit the needs of the individuals, particularly the salaried class, small traders etc., to plan their savings to meet specific demands. Recurring Deposit account can be opened with a monthly instalment of mere Rs. 5 or in multiples thereof, for a period of 6 months and in multiples of 3 months upto a maximum of 120 months. The depositor will get the instalment amount along with the interest on the due date. Facilities for Loan, foreclosure, nomination are available.
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