- Salient Features A time deposit for a fixed period to earn interest with easy liquidity
- Eligibility Individuals
- single
- Two or more individuals severally or jointly
- Minors
- Illiterates
- Blind people
- Executors and Administrators
- Liquidators and Receivers
- Sole - Proprietorship concerns
- Joint Hindu families
- Partnership firms
- Limited Companies
- Trusts
- Non-Corporate bodies like Clubs, Committees, Associations etc.
- Schools, Colleges
- Government / Semi-Government bodies
- Min Amt Rs.100
- Max Amt No Maximum
- Min Period 15 Days
- Max Period 120 Months.
- Other Requirements/Details
- Simple interest at quarterly or longer rest. Monthly payment of interest with discounted rate.
- Loan facility : Upto 90% of the principal amount with rate of interest at 2% p.a. over the rate of interest payable to deposit.
- Deposits can be foreclosed before the due date with the penalty pravailing on the date of such foreclosure.
- TDS will be deducted as per rules from time to time under 194A of the Income Tax Act.
- Customers can give 15G/15H as the case may be at the time of opening the account and every year during April, tax will not be deducted.
- Deposit will be automatically renewed for equal period of earlier deposit subject to the maximum period of 12 months in the absence of instructions from the customers before due date.
- The customer can vary the contract terms like period etc within 14 days from the date of such auto renewal.
- Premature renewal facility without penalty is available provided the term deposit is extended for a further period longer than the original due date.
- Nomination Facility Available.
Indian Bank Fixed Deposit in India
