Term Deposits

Short Deposits (SD): Interest is paid for actual days deposit remain with bank on the basis of 365 days in a year. Minimum seven days to maximum 179 days.

 

Fixed Deposit (FD):Interest will be calculated for the completed months and where the terminal month is incomplete- the actual number of days on the basis of 365 days in a year.

 

Double Benefit deposit (DBD): Double Benefit Deposits provide a higher yield on the principal at the end of the stipulated period as the interest is compounded on quarterly basis; but, the principal and the accrued interest is paid only at the end of the period for which the deposit is placed with the Bank and not monthly or half-yearly as in the case of other types of deposits. This scheme is useful for short term and medium term investment ordinarily ranging from 12 months to 120 months.

 

Monthly Income Certificate (MIC): In this type of account, money invested remains intact whereas interest on monthly basis is credited to savings/current account. Depositor may also open recurring deposit account for monthly interest earned on MIC account.

 

Recurring Deposit (RD): This type of accounts offers monthly savings at term deposit interest benefit to salaried person or those having monthly income source. The account can be opened for minimum six months period or in multiple of three months thereafter.