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Payment of Interest on Overdue Term Deposit

Renewal of Overdue Term Deposit

  • Overdue Term Deposits are renewed on the date of presentation and not from the retrospective date.
  • The prevailing rate of interest will be applicable from the date of renewal of the FDR.
  • Interest for the overdue period is to be paid at Savings Bank rate of interest as applicable from time to time, presently being 4% on the methodology as applicable to Saving Bank account from time to time.

Non Renewal of Overdue Term Deposit

  • Interest would be paid at savings bank rate of interest as applicable from time to time, presently being 4% p.a. Interest would be calculated on `Simple basis` and payable w.e.f. 22.08.2008 or the date of maturity whichever is later for the overdue period along with the maturity proceeds of the term deposits.
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