Fixed Deposite

1.Opening of Account
One or more than one account can be opened by a person/s with proper introduction and the account shall be opened subject to ‘policy on bank deposits’ as notified in the bank’s web-site.. The following can open accounts:

a.An individual in his/her name
b.More than one person in their joint names payable to all of them jointly or anyone or more of them or Survivor/s.
c.A HUF, a partnership firm, proprietary concern, Charitable institution/Trust, a company or Association etc.

2.Rate of Interest
a.The deposit will earn interest at the rate fixed by the bank  from time to time depending upon the period of the deposit.
b.Interest is payable monthly/quarterly/half yearly/on maturity.  If required monthly Interest will be paid on Discount Rates. There is no Discount Interest  quarterly/half yearly/on maturity.

3.Deposit receipt
Deposit receipt will be issued incorporating all the necessary information i.e., due date, interest rate, period of deposit, repayment condition etc. In case the deposit receipt is lost, a duplicate receipt will be issued against a letter of request and on furnishing an agreement of indemnity agreeing to indemnify the Bank incase of claims from any other person.

4.Amount of Deposit
Minimum: Rs.500/-    Maximum: No limit

5. Period of Deposit
The depositor shall at the time of opening the account, stipulate the period for which the deposit is to be made. The period of deposit shall not be less than 30 Days and Maximum of  10 Years.

The interest is payable at the appropriate operative rate on the date of maturity of original deposit and is payable only on the amount of the deposit so renewed. Automatic Renewal Facility is also available. A request letter is to be obtained from the depositor at the time of making fresh/renewal of deposit for the first time. Each renewal is to be treated as a fresh contract and the rate of interest prevailing as on the date of renewal / due date shall be the new rate applicable for the renewed deposits.
The total amount of overdue deposits or part thereof can be renewed from the date of its maturity till some future date provided the renewal must be for a minimum of 14 days. The banks may pay interest for the overdue period as per the policy adopted by the Bank.

The deposit can be encashed after properly discharging the deposit receipt. Due date will be recorded on the deposit receipt to enable the depositor either to receive payment of the amount due or to arrange for the renewal of the deposit.  No further intimation of the due date of deposit can be claimed as a matter of right by the depositor.

8.Premature Closure:
The depositor can close the account prematurely. In such case interest will be paid at 1% less than the rate applicable for the period deposit remained with the bank.

9.Loan against deposits:
Depositor can avail a loan upto 75% of the deposit amount. Interest on loan will be levied at a rate 2% higher than the rate of interest paid on the deposit.

10.Transfer of Deposit Account:
The fixed Deposit account can be transferred from one branch of bank to the other at the request of the depositor after maturity only.

11.  Nomination facility: 
Nomination Facility is available. Necessary application is to be obtained from the depositor and entries are to be made accordingly in the Banks records.

12. The Bank reserves to itsel the right to alter/add/delete to these rules at any time. For this purpose, the Bank shall not be required to give a separate notice to each account holder. All announcements of any change in the rules, displayed on the Bank’s notice board or published in the Press/ bank’s web-site  shall be deemed to be sufficient notice to all account holders