Any person approved by the Bank may open a Fixed Deposit Account. He/She
has to sign the relative Account Opening Form in presence of authorized official of the
Bank upon agreeing to comply with the rules governing Fixed Deposit Accounts and providing
satisfactory introduction. Passport/Personal Identity Cards/PAN Card/GIR No./Voters'
Identity Card issued by Chief Election Commission - may be considered as adequate
introduction for opening such account. However, introduction is not essential where the
depositor is already having and introduced account.
The Bank will not open an account, which is to be operated under a
cross mark or signature by the hand of another person.
An illiterate person may open Fixed Deposit Account to be operated by
his/her thumb impression.
Two Passport size photographs (three, if the account is to be
operated by thumb-impression) are required to be submitted by the depositors at the time
of opening of a Fixed Deposit Account, unless such photographs are already available to
the branch in respect of another account.
Every depositor while opening a Fixed Deposit Account by tendering
cash shall be required to furnish PAN/GIR Number or submit Form 60/61 if the deposit
amount exceed Rs.50,000/-.
Fixed Deposit Account can also be opened by a natural guardian i.e.
father or mother or by a guardian appointed by the Court on behalf of a minor, or by a
minor having attained the age of 10 years.
The Bank reserves the right to verify the details given in the
Account Opening form through any third party, if necessary.
Fixed Deposit Accounts can also be opened by Joint Stock Companies,
Executors & Administrators in their names, Clubs, Societies, Associations, Educational
Institutions, Trusts, Sole proprietorship or Partnership Firms.
The same depositor in the same name can open more than one Fixed
Deposit Account.
Fixed Deposit Account may be opened for a minimum period of 15 days
and maximum period of 10 years.
The minimum amount required to open a Fixed Deposit is Ra.1000/-.
Interest is paid either periodically monthly at discounted
rate/quarterly for Fixed Deposit under Regular Income Scheme or on maturity of the deposit
on cumulative basis under Kuber Yojna or Deposit Certificate scheme. Income Tax is
deductible at source from such interest subject to Income Tax rules. The depositor should
submit Form 15H wherever applicable.
Senior Citizens who have attained the age of 60 years and above are
presently offered 0.50% over and above the normal interest range on Fixed Deposits
regardless of the size of deposit and periodicity.
Every depositor is entitled to have a Fixed Deposit Receipt (FDR) for
each deposit account containing the date of issue, name(s) of the depositor(s), period of
deposit, date of maturity, rate of interest & maturity value of the deposit (except
for deposit under Flexible Fixed Deposit Scheme). Every depositor is expected to preserve
the FDR carefully. In case of loss of FDR, the depositor has to inform the Branch Manager
and request for a duplicate. If the Branch Manager is satisfied that the FDR is
irretrievably lost and the Bank is generally safe in issuing a duplicate one, he may
authorize issuance of duplicate FDR on payment of prescribed charges and completion of
formalities.
Premature withdrawal is allowed in case of all types of Fixed Deposit
subject to prevalent penalty clause from time to time.
The depositor is also permitted extension of term of the deposit
before expiry of the original term of deposit without application of penalty clause
provided the deposit in question is agreed to be held for a further period reckoned from
the date of extension which is longer than the remaining period of the original contract.
Transfer of a Fixed Deposit account from one branch to another is
allowed on request of a customer due to change in his place of residence or place of work.
On due date depositor(s) is/are required to discharge on the FDR with
a view to getting payment of maturity proceeds either in cash or by crediting
his/her/their Savings Bank/Current Deposit Account with the same branch. However, in terms
of provisions of Income Tax Act 1981, maturity yield of any Fixed Deposit amounting to
Rs.20,000/- and above would be paid either by A/c. Payee Cheque or A/c. Payee Bank draft
or by crediting Savings/Current Deposit account of the person to whom such deposit has to
be repaid. FDR is not transferable i.e. it cannot be endorsed in favour of another person.
On maturity of the specified term, the depositor may also opt to
renew the deposit for a further period in Fixed Deposit and change the period of deposit
and amount of deposit. Also addition & deletion of names in a Joint Account is
permitted.
If the customer neither obtains payment nor renews the Fixed Deposit
although the term is over, it is called an overdue Fixed Deposit. Payment/renewal of
overdue Fixed Deposit is governed by following rules.
Renewal is carried out at the rate of interest prevailing on the date of
maturity provided overdue period does not exceed 14 days from the date of maturity.
Where overdue period exceeds 14 days, interest would be paid provided the depositor
renews the deposit for a further minimum period for which the deposit is lying overdue. If
not renewed for a time equal to or more than overdue period, interest rate applicable to
Savings Bank deposit is payable on the deposit.
The interest for the overdue period will be paid at the rate prevailing on the date of
maturity or on the date of carrying out renewal, whichever is less. This interest may be
paid to the depositor or clubbed with the deposit for renewal.
