Deposits

Fixed Deposit

Fixed deposits are investment instruments offered by banks where you can deposit money for a higher rate of interest than savings accounts.

Given below are the details:

• Deposit for period of 15 days and above.
• Interest normally paid monthly, quarterly, half yearly and yearly.
• Premature withdrawal permitted with applicable penalty.
• Fixed deposits can be closed prematurely with interest upto the date of closing by paying the 1% premature closure charge additionally.
• Interest rate applicable for completed periods.
• Loan upto 90% of the deposit, with interest 2% above the deposit rate.
• Nomination facility available.