Preferential rate of interest as decided by Bank from time to time will be applicable to these FDR, over the card rate.
Presently applicable preferential rate is as under:
- 10 basis point over card rate for normal Term Deposits (callable) of amount less than Rs.1/- Crore & period of 12months and above.
- 5 basis point for deposits of Rs.1/- crore and above and upto Rs.10 Cores) over card rate for normal bulk Term Deposits (callable) as per period and amount of deposits with minimum period of 12 months and above.
Note : Additional interest to Senior Citizens & Staff members (including ex-staff & Retired Staff Members who are Senior Citizen) will continue as per guidelines effective from time to time.
This is a Domestic Term Deposit Product wherein Depositor gets differential rates interest over normal FD Deposit's rate for deposits of Rs 15.01 lacs and above to Rs.10 crores for foregoing premature withdrawal option.
Area of operation
The product shall be available at all domestic branches.
Deposit can be accepted under:
- MIP- Scheme
- QIP- Scheme
*Short Deposit is not available in this product
Minimum Deposit Amount
Rs 15,01,000/- ( and further in multiple of Rs. 1000/-)
Maximum Deposit Amount
Frequency of interest payment
Frequency of Interest payment in the account will be similar as applicable on Normal Term Deposit (callable deposits) product.
- Minimum - 12 months.
- Maximum - 120 Months.
Premature Payment Facility
Premature withdrawal of the deposits made under the scheme shall not be allowed before maturity for any reason whatsoever. In case of death of the depositor (individual category), FDR to be transferred in the name of nominee/ legal hears after adhering the extant guidelines.
Nomination facility will be available.
Tax Deduction at Source
TDS will be deducted on interest payments as per rules.
Availability of Loan/Overdraft
Loan / Overdraft facility to be permitted up to 85% of outstanding balance at applicable interest rate over interest rate paid on deposit as per Bank's extant guidelines.
Auto Renewal facility
Deposits having value less than Rs.1 crores on date of maturity, shall be renewed automatically for 12 months at the rate of interest applicable for 12 months period as on the date of maturity under Normal FD scheme (callable FD Scheme) in case of RIRD/MIP/QIP.
In case of deposits having Principal value Rs.1 crore and above (bulk deposits) on date of maturity, will be renewed automatically on maturity under normal respective Normal FD scheme (callable FD Sheme) if such instruction are given by depositor at time of opening the account. In the absence of any renewal instructions, such deposits credited to depositor's operative account on maturity
Closure of A/C
Account can be closed on maturity only as per Rule of existing Term Deposit A/C
Special terms & conditions
Accepted as security by Government departments & as margin for non fund based activities subject to their acceptance for not demanding pre-mature payment.
Other Terms and conditions
Eligibility norms and all other instructions applicable to 'Fixed Deposits' will apply mutatis mutandis to these deposits