Eligibility- Current Account can be opened by below listed entities.
- Sole Proprietary Concerns
- Partnership Concern
- Limited Companies
- Associations, Clubs, Societies, etc.
- Government and Quasi-Government Bodies
- Limited Liability Partnership (LLP)
- Religious Institutions
- Educational Institutes (including Universities)
- Charitable Institutions
* (W.E.F 01-09-2020)
Regular Term Deposits
Rate of Interest
|45 Days to 90 Days||4.00%||Premature Without Penalty|
|91 Days to 180 Days||4.50%|
|181 Days to 364 Days||5.00%|
|1 Year and Above Upto 3 Years||5.50%||0.50% More Interest for Senior Citizens Premature encashment will attract 1.00% penalty|
|Above 3 Years||5.25%|
- Customer will get interest on Monthly / Quarterly / On Maturity interval on Fixed Deposits.
- TDS will be applicable @7.50% (Due to COVID-19, Govt. give relaxation 2.5% up to 31st March 2021), if interest paid on Fixed Deposits / Recurring Deposits equal to or more then Rs. 40,000/- [General] / 50,000/- (Senior Citizen) in a financial year and PAN card submitted.
- If PAN card is not submitted TDS will be deducted @ 20.00%
- Customer may submit form 15G / 15H along with PAN card for no deduction of TDS, if total taxable income of the customer does not exceed basic limit of Income Tax. (Rs. 2,50,000/- [General] / Rs. 3,00,000 [Senior Citizen] / Rs. 5,00,000 [above 80 Years])
- TDS is applicable from June 1, 2015 for financial year 2015-16 (For Depositors of Co-Operative Banks).
- Premature payment will be allowed only with consent of all joint holders. Interest will be paid at 1.00 % less than for particular period.
- Depoist Up to 5,00,000 cover under DICGC