Features and Benefits
- Can be opened by Individuals, HUF, Trust, Partnership firms, Companies, Associations etc.,
- Interest is payable at regular intervals (Half / Quarterly / Monthly) as desired by the depositor. But monthly interest is permitted at a discounted rate.
- Nomination facility is available.
- Loan available on deposit.
- Premature closure is allowed, subject to the applicable norms.
Terms and Conditions
- The minimum amount that can be invested is Rs. 100/- and there is no restriction on the maximum amount.
- These deposits are eligible only for simple interest.
- Period of Deposit may vary according to depositor's choice. However minimum and maximum period shall be 15 days and 10 years respectively.
- The interest earned on the deposits will attract the TDS as applicable. If the interest amount is not claimed by the depositor, it will not be eligible for any further interest.