Scheme Code

TD045

Eligibility

Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, Blind persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a "Short Deposit Receipt" Account" in single/joint names.

Minimum Period

7 Days

Maximum Period

179 Days

Minimum Deposit Amount

Rs.1000/- only.

Maximum Deposit

No Limit

Rate of Interest

The rate of interest is payable on short deposits as per interest table available on the Bank’s website.

Interest payment Frequency

Interest is calculated at quarterly intervals on domestic term deposits and paid half yearly in Mar, Sept at the rate decided by the bank depending upon the period of deposits or on the date of maturity.
In case date of interest payment falls on a holiday the same will be paid on the next working day.

TDS

TDS will be deducted as per guidelines.

Loan Facility

Available

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 date in the absence of specific instruction.

Premature Closure

Allowed. Interest will be paid for the run period at applicable rate and penalty if any.

Penalty on Premature Closure

In case of Pre-closure of retail term deposits (less than Rs.2.00 crores), which have run for 7 days or above, interest to be paid at 1.00% less than the applicable rate (as on the date of opening of deposit) for the period for which it has actually remained with the Bank or contracted rate, whichever is lower.