Eligibility

·         Individuals (salaried/higher and middle income group/retired persons)

·         Hindu Undivided Family

·         this deposit can also be made in the name of an individual with his/her name of the Karta of the HUF or jointly.

·         If you are opting for a joint account than the account must in the name of maximum two adults.

·         Firms, Companies, Trusts, Societies, Clubs, Institutions, Corporates etc are not eligible to invest under this particular plan.

Tenure

Minimum 5 years up to a maximum of 10 years.

Minimum Amount

The minimum amount must be Rs 100 and in multiples of Rs 100 thereafter.

Maximum Amount

The maximum amount in a financial year is Rs 1.50 lacs.

Premature Withdrawal

Premature withdrawal of the deposit under this scheme is not allowed before the completion of 5 years, although in case of the death of the depositor you can make a premature withdrawal.

Interest Payment and Tax Liability

·         The interest is calculated on a quarterly basis.

·         Under the RIRD/MIP/QIP scheme deposit can be made.

·         If there is any case for prepayment of any time deposit before its due date, the bank shall provide it after the completion of minimum 5 years time period or else pay interest at 1% below the dominant rate at the time of making the deposit, for the time period for which the deposit amount has actually remained with the bank.

Overdraft Facility

Not available

Nomination Facility

Available

TDS

TDS is deducted on the interest payment as per the guidelines of the bank.