- A regular income scheme in which interest can be paid at regular intervals viz. monthly, quarterly, half yearly or yearly at the option of the depositor.
Who can open :
- An Individual in his/her own name.
- Individuals in their joint names with suitable repayment instructions.
- Minor represented by parents / guardian.
- Clubs, Societies, Associations, Educational Institutions, Trusts, Firms, Partnerships, Joint Stock Companies, Executors, Administrators, HUFs, Govt. Departments, etc.
Period of Investment
Amount of Deposit
- Minimum Rs.500/- in Rural & Semi Urban Branches & Rs.1,000/- in Urban, Port town & Metro Branches.
- No Maximum Limit on deposit.
Rate of Interest
- The rate of interest depends on the period of deposit, payable at the rate as decided by the Bank from time to time.
Interest Payment Frequency
- Monthly / Quarterly / Half Yearly / Yearly as per the option of the Depositor
TDS on Interest Amount
- TDS shall be deducted at applicable rate on entire interest amount once it crosses Rs.10,000/-during the financial year
- Nomination facility
- Premature closure facility as per the rules lay down by the Bank.
- Loan facility up to 90% on the deposit, while for 3rd party deposit, it is up to 75%