Fixed Deposit Receipt (FDR)

  FIXED DEPOSIT RECEIPT ( FDR )
1.Purpose A Short term deposit to enable depositors to earn more rate of interest which is applicable for term deposit. Accordingly depositor can choose the period ( in number of days) as per their choice
2.Who can open the Account :

i. A person in his individual capacity.
ii. More than  one person in their joint names
iii. A minor jointly with a major
iv. A minor over the age of 10 years who can read and write and operate the  account personally.(Maturity value should not exceed Rs.50000/-)
v. Charitable and educational institutions.
vi. HUF
vii. Blind Persons
viii. Illiterate persons
ix. Private Traders , Merchants , Agents , Professionals Partnerships Firms , Companies Clubs , Societies & Corporates.

3.Documents required  for opening of FDR  Accounts:
  1. For identification Proof(any one of the following)
    1.Passport
    2.UID ( Adhar Card )
    3.Driving Licence
    4.Voter ID Card
    5.Pan Card
    6.Govt. / Defense ID card
  ID Card issued by Reputed employer
 
  1. For address Proofs (any one of the following).
    1.Electricity Bill
    2.UID ( Adhar Card )
    3.Telephone Bill
    4.Ration Card
    5.Salary Slip
    6.Bank account statement
    7.Letter from a reputed employer
    8.Letter from any recognized public authority /local body
Income tax / wealth tax Assessment order
 

Proof of Date of Birth ( Applicable for Senior Citizens & Minor only)
1.For Senior Citizens( any one of the following)

  • Passport
  • Voter ID Card
  • Driving License
  • PAN Card
  • Service Discharge Certificate
  • PPO in case of Pensioner


2.For Minors :
Birth Certificate issued by Gram Panchayat/NAC(Notified Area Committee) /Municipal Corporation

 

Two recent passport size photographs of account holders
(The above requirements are waived if the customer is already an account holder of the Bank)

4.Amount of Deposit.

Min. Rs 100/- & thereafter in multiples of Rs.100/-

5.Period of Deposit: Min. 7 days Max 120 months.
6.Interest : Simple interest is payable /credited in the account at half yearly intervals in March & September every year or on maturity of the deposit, whichever is earlier.
7.TDS

TDS deducted as per IT rules on interest earned more than Rs.40,000/- per annum.
Those who will be submitting Form 15H/ 15G, No TDS will be deducted.

8.Nomination Facility: Nomination facility is available
9.Introdcution: The introducer should be bank’s account holder and acceptable to the Bank. He should sign the Bank’s form in token of his verifying the identity of the applicant. It is must that the introducer should know the intending customer. Confirmed staff  member who has put in 5 years of service also can introduce the account holder.(The above requirement are waived if the customer is already an account holder of the Bank).
10.Deposit Certificate After depositing the amount customer will be issued a printed certificate ( FDR ) with full particulars filled in such as CIF Number, Date of deposit, Deposit Account Number, Name of depositor/s, amount of deposit, Period, Due date of deposit, Interest Rate etc.
11.Premature Payment

Payment before maturity will be available as per the prevailing rules.
(1)Penal Interest @1% will be charged on premature withdrawal of FDR deposit of above Rs. 5 lac.
(2)
Upto Rs. 5 lac, no penal interest is charged on premature withdrawal of FDR deposit.

12.Payment on Maturity On maturity, Payment can be made in cash to the customer up to Rupees Twenty thousand . If the amount is more than Rupees Twenty thousand either it is credited to the account of customer or Demand Draft is issued.
13.Renewal The deposit can be auto renewed on date of maturity as per instructions.
14.Loan/Advance against Deposit Loan / Advance facility is available under the scheme up to 90% of the deposit amount. ROI is charged as per Bank’s rules.

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