Term Deposits
FIXED DEPOSITS
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.
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 be not less than 15 days.
6.Encashment
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.
| RATE OF INTEREST FOR DEPOSITS EFFECT FROM 01.01.2023 | ||
| SL.NO | PERIOD OF DEPOSITS | Rate of Interest |
| 1 | 07 Days to 14 Days | 4.00% |
| 2 | 15 Days to 30 Days | 4.50% |
| 3 | 31 Days to 45 Days | 4.75% |
| 4 | 46 Days to 90 Days | 5.25% |
| 5 | 91 Days to 179 Days | 6.00% |
| 6 | 180 Days to Less than one Year | 6.50% |
| 7 | 1 Year And Above | 7.50% |
APEX CENTENARY CERTIFICATE ( ACC )
1.Opening of Account
One or more than one account can be opened by a person/s with proper introduction subject to ‘policy on bank deposits’ as notified by the Bank 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, Proprietor concern, a 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.The accrued interest is reinvested every quarter and ploughed back into the deposit by compounding the interest at quarterly intervals.
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
The deposit is accepted with a minimum of Rs.500/- or in multiples there of without any maximum 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 12 months but it shall be in steps of three months.
6.Renewal
The deposit may be renewed on or after maturity for a further period of 12 months or more but in steps of three months.
7.Encashment
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. The Bank reserves to itself 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
APEX CENTENARY RECURRING DEPOSIT (ACRD )
1.Opening of Account
One or more than one account can be opened by a person/s with proper introduction subject to ‘policy on bank deposits’ as notified by the Bank 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 compounded quarterly shall be payable on maturity date along with the principal amount (aggregate of installments) paid by the depositor.
3.Amount of Deposit
Minimum deposit of monthly installment of Rs.50/- or exact multiples of Rs.50/- Such amount of monthly installment should not subsequently be altered by the depositor.
4. Period of Deposit
Minimum period of deposit is 12 months and in steps of 3 months.
5.Payment of Monthly Installment
Monthly Installment shall be paid on or before the last working day of the month in which the installment is due. If installments are in arrears, a penal interest at the rate fixed by the bank shall be charged. Fraction of a month shall be treated as a full month for the purpose of calculating such penal interest on belated monthly installments.
6.Maturity
In the usual course, when all the stipulated installments are paid, the
maturity value is payable 30 days after the last installment has become payable and has been paid. No overdue interest is payable, if such
amounts remain unclaimed after the due date.
7.Pass Book
Depositor will be given a Pass Book showing the particulars of installment paid. The depositor on no account shall write or make any entries in the Pass Book issued by the Bank. If the depositor loses the Pass Book at any time, on sufficient proof, a duplicate Pass-book will be issued on payment of charges prescribed by the bank.
8.Encashment
The deposit can be encashed after giving a proper receipt by the depositor (as per the printed format of a receipt on the last page of the Pass Book).
9.Renewal
Matured C.D accounts cannot be renewed as another C.D but can be
transferred to Fixed Deposit or DJJD from the maturity date of C.D, so that the matured amount does not lose interest.
10.The Bank reserves to itself 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.