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Term Deposit
This scheme is been introduced for monthly saving where you can deposit a certain amount specified period by the bank. Recurring deposit account is opened by those who want to save regularly for a certain period of time and earn a higher interest rate. Along with this we have various schemes of deposits like Fixed Deposit Monthly Interest Scheme, Quarterly Interest Scheme, Half Yearly Interest Scheme, Minimum Amount of deposit: 100 & in multiples of 100/- Period : Min-12 Months & Max-120 Months
Initial Deposit for opening Savings Bank Account & minimum Balance to be maintained in the account.
| Sr. No. | Deposit Period. | Interest Rate |
|---|---|---|
| 1 | 7 Days to 29 Days | 5.00% |
| 2 | 30 Days to 90 Days | 6.00% |
| 3 | 91 Days to 180 Days | 7.00% |
| 4 | 181 Days to 365 Days | 7.50% |
| 5 | 13 Months to 36 Months | 8.50% |
| 6 | Above 39 Months | 7.50% |
| 7 | Recurring Deposit (12 Months to 24 Months) | 7.50% |
| 8 | Recurring Deposit ( 25 Months to 120 Months) | 8.00% |
Interest is calculated @ 4% p.a. on the basis of Daily Product and is credited to the account at half yearly intervals in March and September.
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