Term Deposits

TERM DEPOSIT ACCOUNT

Term deposit is a deposit received by the bank for a specific fixed period of time which is withdrawable only after the expiry of the said fixed period and shall also include recurring deposits, fixed deposits, long term deposits or other deposits of similar nature.

Eligible Categories to open a term deposit account are:
Individual
Joint Account of Individuals
Minors
illiterate/blind persons
Sole Properietor
Partnership firm
Club, Societies, Association
Limited Companies/Trust
School/Colleges
H.U.F Executor/Administrator
Government or Semi Government departments
Minor

1) Opening of deposit accounts
Application for fixed/short deposits and deposits at notice is taken on Form No.401 for individuals and Form No.401A for non individuals.
All time deposit accounts shall be properly introduced. For all subsequent deposit, a simple Application-cum-Deposit slip is to be filled.

2) Period and minimum amount of different types of deposits

Minimum period:-
At present, the minimum period for a term deposit shall be 15 days  for deposit amount ofRs.100/- lacs and above.

Maximum period : - 120 months
In special cases, say, under the order of a court or where interest of a minor is involved and in the case of institutions, government undertakings, corporate bodies to meet their special  needs like creation of sinking fund/amortisation fund etc. or for individuals for any of their special needs by way of accounts  opened under special recurring/cumulative deposit scheme, the deposit may be accepted for periods over 10 years. However, the period of deposit should not exceed 20 years.

Minimum amount:-
The minimum amount accepted for fixed/short deposit is Rs.1,000/- for a period of 15 days and above and minimum of Rs.100/- lacs and above for a minimum period of 7 days.

3) Operational instructions
Term deposit accounts can be opened with instructions payable to  'Either or Survivor', payable jointly, payable to any one of the  depositors etc. It can also be opened with instructions payable  to "Former or Survivor" or "Former, Survivors Jointly or Last  Survivor" or "Latter or Survivor" in which case operational/  payment instructions at the time of opening the account or  subsequent variations, if any, in these instructions, should be  signed by all the joint depositors.

4) Additional documents/forms to be obtained
PAN/GIR number or Form 60 /61. Other documents as per KYC norms.
Photographs of the depositors except in case of existing accounts (having photographs)

5) Nomination facility : Available