Fixed Deposit

Term of Fixed Deposit

The F.D will be taken for a minimum period of one year and maximum period of five years.

Rate of Interest (compounded yearly)

i) Deposit for a minimum period of 1 year up to 2 years - @ 8.00% p.a.

ii) Deposit for a period of above 2 years to 5 years - @ 8.50% p.a.

Premature Withdrawal

i) Minimum 7 days prior notice is required

ii) Rate of interest on premature withdrawal

- Within 1 month of deposit - No Interest

- Exceeding 1 month but within 12 months of deposit - @ 4% p.a.

-Exceeding 12 months of deposit - @ 8% p.a.

Types of F.D.

Deposits may be accepted in two types:-

Cumulative Deposit and b) Non-Cumulative deposit

In case of (a), the principal amount along with interest will be paid at the end of the due term of deposit. In case of (b), the interest will either be credited to S. D. A/c or to be paid by A/c payee cheque as per the option of the depositor.

Operation of Deposit Account

Deposit will be accepted in single name or in joint names (two only). But the first depositor must be a shareholder at the time of the deposit and continue to be a shareholder for the whole term of the deposit.

Deposit will be operated by the first depositor. In case of death of the first depositor, the second depositor will be allowed to withdraw the due amount of deposit. So the mode of operation of the deposit will be either “Single” or “Former or Survivor”.

Depositor(s) furnishing L.T.I on the application form must submit two copies of recent passport size photographs.

The deposit will be accepted in multiple of Rs. 1,000/- only.

In case of expiry of the first depositor or loss of membership of the first depositor, the deposit will cease to earn interest. In case of expiry of the first depositor, due amount of F.D will be paid to the Survivor/Nominee.

Nomination facility

There will be facility for the depositor to furnish nomination/s. In case of minor nominee, the date of birth of such nominee should be furnished in the application form. The claim of nominee for payment of due amount will arise only on the expiry of the single depositor or both the joint depositors.