Who can open an account?
• Two or More individuals in their joint names
• Minors represented by the natural guardians
• Proprietory concerns/ partnership firms/companies
• Hindu Undivided Families
Procedure for opening of an account:
a. Account opening form should be in the prescribed format & properly filled up and signed by the depositor like mainly Full name & address, occupation, amount of deposit, repayment condition, standing instructions if any, date of birth (in case of minor, opening form contains signature of the depositor/s.
b. In case of individuals, the depositor gives the nomination form duly filled in.
c. Passport size photo
d. In case of deposits in the name of a minor, the date of birth certificate of minor is mandatory. The natural guardian should represent the minor.
e. In case of the deposits of HUF, proprietory concerns, and other corporate bodies, the papers relating to their constitution should also accompany the account opening form.
f. The Depositor may be requested to open a savings bank account to enable the bank to credit periodical interest on fixed deposit. He may also give a standing instruction to transfer the amount of periodical interest to an account maintained with other banks through ECS.
g. Fixed Deposit account opening form.
• Former or Survivor or No. 1 or Survivors
• Either or Survivors (E or S)
• Any one or more of them or Survivor or Survivors
a. Minimum amount for Fixed Deposit is Rs. 1000/-.
b. Minimum period for deposits is 15 days and Maximum is 99 months.
c. Interest can be paid on deposits periodically monthly/quarterly/half yearly & yearly.
d. Pre maturity: Penalty clause as applicable.
e. TDS is applicable per Financial Year (April to March) if interest exceeds Rs.10000/- on overall Deposits, kept in Bank.
f. 15G click here for General Depositors below 60 years of age and 15H click here for depositor's age 60 and above (Senior Citizen) if applicable can be submitted.
g. Bank follows Auto Renewal Facility except on facility availed against it.
h. The deposits are renewed for same period and at the rate of interest as per prevailing on the date of maturity. In case of General Fixed Deposits for below 60 years of age maximum 6 times deposits are renewed. In case of Senior Citizen maximum 3 times the deposits are renewed.