TERMS AND CONDITIONS-TERM DEPOSIT ACCOUNT
TERMS AND CONDITIONS-TERM DEPOSIT ACCOUNT
Term Deposits:
- Means a deposit received by the Bank for a fixed period withdrawable only after the expiry of the said fixed period and include deposits such as Recurring Deposits/ Short Term Deposits / Fixed Deposits / Money multiplier deposit etc.
Account opening:
- Term Deposit accounts can be opened by an individual in his own name or by more than one individual in their own names. A depositor desirous of opening an account with the Bank should complete the relative account opening form/card in all respects with full name(s) and specimen signature(s) at appropriate places. The prospective account holder should normally be required to fill in the account opening form in the presence of a bank‟s official.
Capturing Maturing Instructions in Term Deposit
The following options are made available at the time of creation as well as during the currency of term deposit.
- A - Auto Rollover - On maturity, principal and interest after deduction of applicable TDS will be renewed as mentioned above.
- T - Closure and Transfer to account - On maturity, principal and interest after deduction of applicable TDS will be credited to the customer’s account.
- P- Transfer amount other than principal - On maturity, principal will be renewed and interest after deduction of applicable TDS will be credited to the customer’s account.
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