Term Deposit Cumulative

One of the most popular method of saving your hard earned money and earning handsome income on it is to keep it with your bank in the form of fixed deposits.  You can decide the term of deposit from 15 days to 120 months.  There are different schemes to suit different people.

Salient Features

1. Cumulative Deposit scheme earns interest on quarterly compounding basis
2. Nomination facility available
3. Loan / Overdraft facility available up to 90% of the deposit plus accrued interest thereon
4. No TDS deduction if appropriate form (15H/15G) is submitted
5. No Penalty on premature withdrawal of deposits in reinvestment
6. 0.50 % more interest on domestic term deposit above 180 days to the senior citizens and pensioners.
7. 0.25% more interest will be given on the Single Deposit of Rs.15.00 Lacs and above
8. Can be deposited for min period of 12 months and max period 120 months

Eligibility

Any Individual or Group of Individuals, Firms, Corporates / Clubs / Societies / Trusts / Institutions etc.