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Time Deposit |
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Account |
Rates of interest |
| 1 year Account |
6.25 % |
| 2 year Account |
6.5 % |
| 3 year Account |
7.25 % |
| 5 year Account |
7.5 % |
Who can Open ?
Account may be opened by an individual,
i.e., Single, Joint A/B
(not more than two adults) Trust, Regimental Fund and Welfare
Fund.
Interest is calculated on compounded quarterly basis and payable annually. Investment in this scheme is not exempted as per section 88 of Income Tax.
Amount payable is rounded off to nearest rupee that is 50 paise and above is taken as next rupee and less than 50 paise will be ignored..
Investment Limits &
Denominations
Minimum Rs. 200/- and it's
multiples.
No maximum limit.
Account may be opened
by an individual, Trust, Regimental Fund and Welfare Fund. 2, 3 and 5
year accounts can be closed after one year at a discount. Account can be
closed after 6 months but before 1 year without interest. The amount of
interest earned is tax free under Section 80-L of Income Tax
Act.
Post maturity
interest will be paid for a maximum period of 24 months at the
rate applicable to individual savings account.