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
  1. A person in his individual capacity.
  2. More than  one person in their joint names
  3. A minor jointly with a major
  4. 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/-)
  5. Charitable and educational institutions.
  6. HUF
  7. Blind Persons
  8. Illiterate persons
  9. 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
  7. ID Card issued by Reputed employer

 
  1. For address Proofs (any one of the following).
  1. Electricity Bill
  2. UID ( Adhar Card )
  3. Ration Card
  4. Salary Slip
  5. Bank account statement
  6. Letter from a reputed employer
  7. Letter from any recognized public authority /local body
  8. Income tax / wealth tax Assessment order

 

   ( c) 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
  1. For Minors :
  • Birth Certificate issued by GramPanchayat/NAC(Notified Area Committee) / Municipal Corporation

 

d)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.Amountof 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.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.

10.Premature Payment

Payment before maturity is available as per the prevailing rules.

 

11.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.

12. Renewal

The deposit can be auto renewed on date of maturity as per instructions.

13.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.