Brief features of the product

Eligibility Individual (singly or jointly) with others
Minor who have attained the age of 10 years and above in his own name on giving proof of age
Proprietorship/Partnership Firm, Commercial Organization, Company /Corporate Body
Hindu Undivided Family
Association, Club, Society, Trust or Religious/Charitable or Educational Institutions
Municipality or Panchayat, Government or Quasi-Government Body
Illiterate and blind persons can also open the account
Deposit Amount Single deposit of minimum Rs. 2.00 Crore, and thereafter in multiples of Re 1 and maximum up to Rs. 10.00 crore.
Period of Deposit Maturity Option
For any period from 7 days to 120 months. Income Option
For any period from 6 months to 120 months.
Interest Card Rate as per guidelines issued by HO: IRMD, (ALM Cell) from time to time.
Interest Option While making the deposit, a depositor shall exercise his option regarding payment/ re-investment of interest on the deposit amount. The following options are available under the Scheme:
Income Option
The interest may be paid on monthly/quarterly or on maturity of the  deposit.
The monthly interest will be paid at discounted value whereas the same shall be quarterly compounded in case of half-yearly and yearly payment of interest.
Maturity Option (Re-investment of interest on quarterly compounding basis)
Interest shall be compounded on quarterly basis and is payable on maturity of deposit.
The incomplete quarter of such deposit shall be reckoned at the end, for  the purpose of calculation of interest
Conversion/ Change in Option The conversion will be allowed provided:
The fixed deposit receipt has been issued for a period of 12 months or more and remaining period of the FD till maturity is 6 months and above.
In case the depositor desires to exercise the option of conversion before maturity, Incumbent Incharge on the request from the depositor can allow conversion provided the depositor agrees to continue the deposit with the Bank, for a term longer than the remaining period of the original contract. In such cases of conversion, the remaining period of the fixed deposit should be six months or above this period.
Conversion of the deposit may be effected only from the date on which the conversion is sought for by the Depositor, (and not from any retrospective date), without invoking penal provision.
The rate of interest up to the date of conversion, shall be the rate applicable for the period as operative under the scheme on the date of deposit, during which the deposit remained with the Bank up to the date of conversion and in respect of the period thereafter, at the rate of interest applicable under the scheme on the date of conversion for the period equal to the period of conversion.
Interest accrued, if any, up to the date of conversion may be paid and excess payment of interest, if any, should be recovered from the party, before complying with his instructions.
Procedure: The under noted procedure will be followed while allowing conversion.
  The existing deposit receipt should be cancelled and filed with the relative voucher and a new one be issued, in lieu thereof with the inscription “converted into Maturity Modality/Income Modality (as the case may be) in lieu of Fixed Deposit Account No. ______ dated _______ for Rs. ________ @ _________ for ________ months. Interest accrued up to ______Rs. ________ Rupees (in words) paid on ________.”
  For the purpose of subsidiary general ledger, a day book voucher will be passed.
Part Withdrawal This facility would be available only under MATURITY OPTION, i.e., the Depositors who have exercised the option of being paid the proceeds of their FDR on the date of maturity as compared to periodical payment of interest. The depositor shall have free access to deposit, and can withdraw any amount (but core amount of minimum Rs 2 Crore shall be maintained in the account) in multiples of Rs.1, 00,000/- before maturity without breaking the entire deposit without any loss of interest on the remaining deposit, which shall continue to get interest as agreed at the time of making the deposit. The principal value of the FDR shall be reduced accordingly.
The rate of interest in respect of deposit withdrawn before maturity shall be the interest rate payable on contractual rate under the scheme minus 1% OR the rate under the scheme on the contractual date applicable for the tenor for which the deposit has actually run minus 1%,whichever is lower. In all such cases, interest up to completed quarters shall be paid on compounded basis with quarterly rests and on simple basis for incomplete quarter up to the date of payment, for the period for which the deposit remained with the Bank.
Advances/ Overdraft Facility As per extant guidelines issued by HO: IRMD will be available. However, the facility of overdraft/loan shall not be available in the account opened in the name of minor.

* Other terms and conditions as per general guidelines

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