Registration for Newsletters
Rate of Interest:
Payment of Interest :
No overdue interest will be paid if deposit is encashed after maturity. But when the deposit is re-invested in any term deposit scheme of the Bank, overdue interest as applicable will be paid on the amount so invested.
Add on Benefits:
If deposit amount is Rs.20,000 and above following benefits will be available to the depositor ;
Available except where the deposit is held in the name of a minor.
Under the scheme, as the fixed deposit cannot be pledged, no loan can be given against such deposit.
Tax deduction at source:
Interest on these term deposits shall be liable to tax under the IT Act, on the basis of annual accrual or receipt, depending upon the method of accounting followed by the assessee. The tax on such interest shall be deducted in accordance with the provisions of section 194A or section 195 of the IT Act.
For further details contact nearest Branch