A term deposit scheme under the Fixed Deposit & Kamadhenu Deposit streams. Best suited for Salaried Class, Businessmen, Professionals who come under the ambit of Tax Payers.
ELIGIBILITY
Individual Account – can be in the name of the individual for himself or in the capacity of the Karta of a Hindu undivided family (HUF).
Joint Account – can be opened by only two adults jointly or an adult and a minor, and payable to either of the holders or to the survivor.
In the case of joint account, the deduction from income under Section 80C of the Income Tax Act, 1961 shall be available only to the first holder of the deposit.
INVESTMENT
Minimum - Rs.100/-(In multiples of Rs.100/- thereafter)
Maximum- Rs. 1,50,000/- per person
PERIODICITY OF DEPOSIT
5 years
INTEREST RATE
As applicable to term deposits for the period of 5 years
Monthly (discounted)/Quarterly on Fixed Deposits. Compounded quarterly on Kamadhenu Deposit
TDS
Applicable on interest payable
NOMINATION FACILITY
Available, however, No nomination can be accepted in respect of an account opened on behalf of a minor or a HUF or a Firm or a Company or an Association of persons or a Body of individuals
LOAN FACILITY
Cannot be pledged as security/collateral security for loans/advances
PRE-MATURE CLOSURE
Cannot be closed prematurely (as per the guidelines of GOI), Except in the event of death of depositor
SPECIAL FEATURES
Benefits of deduction from income up to Rs. 1,50,000/- under Sec.80C of the IT Act, 1961.
APPLICATION & DOCUMENTS
Application in the Banks’ prescribed form Copy of PAN Card Photograph of depositor/s (2 copies) Proof of Identity and address as per KYC Norms Any other related documents as applicable to Karta of a HUF.
Customers are requested to call on our mentioned Toll Free Numbers only for any complaints/issues. Bank shall not be responsible for any consequences arising out of customers calling any other unverified numbers.