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, a 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 above Rs.15 lakh, and thereafter in multiples of Re. 1.
Period of Deposit For Deposit from above Rs. 15 lac to Rs. 10 Cr.-(As per rates circulated by HO: IRMD-ALM)
Maturity Option: For any period from 91 days to 120 months.
Income Option: For any period from 6 months to 120 months.
For Deposit above Rs. 10 Cr.(As per rates advised by treasury division for DRI rates)- Permission from HO treasury is to be obtained.
Maturity Option: For any period from 91 days to 1 Yr.
Income Option: For any period from 6 months to 1 Yr.
Interbank Deposits above Rs 10 Crore (As per rates advised by treasury division for DRI rates)
Permission from HO treasury is to be obtained.
Maturity Option: For any period from 91 days to 1Yr.
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 of interest on the deposit amount. It shall be indicated in each fixed deposit receipt. The following options are available under the Scheme:
Income Option (Outflow of interest).
The interest may be paid on monthly/ quarterly/ Half Yearly/ Yearly basis.
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.
The receipt-wise interest paid on monthly/quarterly etc. (as the case may be), will be updated by the System.
Maturity Option (Re-investment of interest on quarterly compounding basis)
The 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 Conversion option is not available under the scheme.
Auto Renewal No auto renewal should be allowed and auto closure should be marked in the system.
Premature Withdrawal/ Part Withdrawal / Extension in the period of deposit No premature withdrawal/ part withdrawal/ extension are permitted under the scheme, in any case, except In case of death of the Depositor (Single/ Joint)/ Bankruptcy/ winding up /directions by court/ regulators/ receiver/liquidator, Premature withdrawal is allowed & interest to be paid shall be as per the card rate for normal deposit for the period for which FD has run.
Advances/Overdraft facility The option of Demand Loan/ Overdraft facility shall be available as per discretion of the bank & the existing guidelines.
Maturity Value For deposits held in maturity option, the maturity value of the deposit shall be calculated by system on quarterly compounding basis.

* Other terms and conditions as per general guidelines

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