On
the date, instead of asking for payment of Term deposit, the depositor(s) may
like to continue to keep the amount with the Bank in shape of term deposit for
a further period. Such a transaction is known as “renewal of term deposit”.
Rules:
a)
“Renewal of term deposit” is made on the due date at the request of the
depositor or all the depositors (in case of joint accounts irrespective of
special instruction like “either or survivor” etc.)
b)
Renewal can be made for the entire maturity value or for the principal amount
only or even for a mount less than the principal amount, originally deposited,
as per the option of the depositor. The depositor(s) has to submit a plain
paper application for such renewal. The letter need not be submitted in person.
Even, the depositor(s) can send the letter through a messenger.
d)
The application for renewal must be accompanied by the matured Term Deposit Receipt.
e)
No term deposit can be renewed for less than 15 days (i.e. the minimum period
for which a term deposit account can be opened).
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