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:
Joint Account of Individuals
Club, Societies, Association
Government or Semi Government departments
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
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.
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