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By an individual in his/her own name. By more than one individuals in their joint names with suitable repayment instructions. On behalf of a minor by his/her natural guardian or by a guardian appointed by court.

NRIs / PIOs/OCIs (other than person resident in Nepal and Bhutan) (Individuals from Pakistan require prior approval of RBI).

Minimum period

12 Months

Maximum Period

120 Months

Minimum Deposit

Rs. 1000/- and in multiples of Rs. 100/- thereof.

Maximum Deposit

No Limit

Rate of Interest

As per Interest Rate Circular depending on the tenor

Interest Payment Frequency

Interest will be paid on monthly basis at the discounted value of the contracted rate.



Loan Facility


Nomination Facility

Available as per guidelines

Automatic renewal

Deposit will be auto renewed for the same period at the applicable rate of interest on maturity in the absence of specific instruction.

Premature Closure

Allowed. Interest will be paid for the run period at applicable rate and penalty if any.
No interest will be paid if the deposit is closed before 1 year tenure

Penalty on Premature Closure

As per guidelines