1. Any person approved by
the Bank may open a Fixed Deposit Account. He/She has to sign the relative
Account Opening Form in presence of authorized official of the Bank upon
agreeing to comply with the rules governing Fixed Deposit Accounts and
providing satisfactory introduction.
Passport/Personal Identity
Cards/PAN Card/GIR No./Voters’ Identity Card issued by Chief Election
Commission – may be considered as adequate introduction for opening such account.
However, introduction is not essential where the depositor is already having
and introduced account.
2. The Bank will not open an
account which is to be operated under a cross mark or signature by the hand of
another person.
3. An illiterate person may
open Fixed Deposit Account to be operated by his/her thumb impression.
4. Two Passport size
photographs (three, if the account is to be operated by thumb-impression) are
required to be submitted by the depositors at the time of opening of a Fixed
Deposit Account, unless such photographs are already available to the branch in
respect of another account.
5. Every depositor while
opening a Fixed Deposit Account by tendering cash shall be required to furnish
PAN/GIR Number or submit Form 60/61 if the deposit amount exceed Rs. 50,000/-.
6. Fixed Deposit Account can
also be opened by a natural guardian i.e. father or mother or by a guardian
appointed by the Court on behalf of a minor, or by a minor having attained the
age of 10 years.
7. The Bank reserves the
right to verify the details given in the Account Opening Form through any third
party, if necessary.
8. Fixed Deposit Accounts
can also be opened by Joint Stock Companies, Executors & Administrators in
their names, Clubs, Societies, Associations, Educational Institutions, Trusts, Sole
proprietorship or Partnership Firms.
The same depositor in the
same name can open more than one Fixed Deposit Account.
10. Fixed Deposit Account
may be opened for a minimum period of 15 days and maximum period of 10 years.
11. The minimum amount
required to open a Fixed Deposit is Rs. 1000/-.
12. Interest is paid either
periodically monthly at discounted rate/quarterly for Fixed Deposit under Regular
Income Scheme or on maturity of the deposit on cumulative basis under Kuber
Yojna or Deposit Certificate scheme. Income Tax is deductible at source from
such interest subject to Income Tax rules. The depositor should submit Form
15-H wherever applicable.
13. Senior Citizens who have
attained the age of 60 years and above are presently offered 0.50% over and
above the normal interest range on Fixed Deposit regardless of the size of
deposit and periodicity.
14. Every depositor is
entitled to have a Fixed Deposit Receipt (FDR)) for each deposit account containing
the date of issue, name(s) of the depositor(s), period of deposit, date of
maturity, rate of interest & maturity value of the deposit (except for
deposit under Flexible Fixed Deposit Scheme). Every depositor is expected to
preserve the FDR carefully. In case of loss of FDR, the depositor has to inform
the Branch Manager and request for a duplicate. If the Branch Manager is
satisfied that the FDR is irretrievably lost and the Bank is generally safe in
issuing a duplicate one, he may authorize issuance of duplicate FDR on payment
of prescribed charges and completion of formalities.
15. Premature withdrawal is
allowed in case of all types of Fixed Deposit subject to prevalent penalty
clause from time to time.
16. The depositor is also
permitted extension of term of the deposit before expiry of the original term
deposit without application of penalty clause provided the deposit in question
is agreed to be held for a further period reckoned from the date of extension
which is longer than the remaining period of the original contract.
17. Transfer of a Fixed
Deposit Account from one branch to another is allowed on request of a customer
due to change in his place of residence or place of work.
18. On due date depositor(s)
is/are required to discharge on the FDR with a view to getting payment of
maturity proceeds either in cash or by crediting his/her/their Savings
Bank/Current Deposit Account with the same branch. However, in terms of
provisions of Income Tax Act 1981, maturity yield of any Fixed Deposit
amounting to Rs. 20,000/- and above would be paid either by A/c. Payee Cheque
or A/c. Payee Bank draft or by crediting Savings/Current Deposit account of the
person to whom such deposit has to be repaid. FDR is not transferable i.e. it
cannot be endorsed in favour of another person.
19. On maturity of the specified
term, the depositor may also opt to renew the deposit for a further period in
Fixed Deposit and change the period of deposit ad amount of deposit. Also addition
& deletion of names in a Joint Account is permitted.
20. If the customer neither
obtains payment nor renews the Fixed Deposit although the term is over, it is
called an overdue Fixed Deposit. Payment/renewal of overdue Fixed Deposit is
governed by following rules.
Renewal is carried out at
the rate of interest prevailing on the date of maturity provided overdue period
does not exceed 14 days from the date of maturity.
Where overdue period exceeds
14 days, interest would be paid provided the depositor renews the deposit for a
further minimum period for which the deposit is lying overdue. If not renewed
for a time equal to or more than overdue period, interest rate applicable to
Savings Bank deposit is payable on the deposit.
The interest for the overdue
period will be paid at the rate prevailing on the date of maturity or on the
date of carrying out renewal, whichever is less. This interest may be paid to
the depositor or clubbed with the deposit for renewal.
21. The depositor may
avail loan/advance against the security of the Fixed Deposit subject to extant rules
of the Bank in respect ofsuch loan/advance from time
to time, and such rules will be applicable notwithstanding anything contained
hereinabove.
22. Nomination facility is
available in case of Fixed Deposit. The nominee must be an individual.
23. The Bank reserves the
right to alter or add to these rules and such alteration and additions shall be
binding on the account holders.
