Fixed Deposit

A fixed deposit receipt represents funds deposited with the Bank for a fixed period, specified in advance, interest on which payable at the rate appropriate to is the period for which the deposit has been made. Such deposits are repayable on the expiry of the period specified by the depositor. The Deposits for various periods will bear interest at prevailing rates which would be subject to change by the Bank.

Eligibility:
Any person, whether having any type of accounts or dealings with the bank or not, can obtain a Fixed Deposit Receipts.
The Fixed Deposit Receipt may also be opened for or on behalf of minors under the guardianship of their natural/court appointed guardians.

Any Institution/Corporate bodies
Documents required for opening of New Account:

For Individual Account

1. Photocopy of a valid Passport / Citizenship ID Card.
2. 2 Passport Size Photograph.

For Minor Account

1. Photocopy of a valid Passport / Citizenship ID Card of Parents or Guardian.
2. 2 Passport Size Photograph of the Guardian.

For Institutions/Companies

1. Copy of Resolution authorising to open FDR Account.
2. Name, Address & Specimen signatures who are authorised to operate upon the Account.
3. A written letter of request to issue FDRs.

Interest Rate:

1. 3 months to less than 1 year : 4.50%
2. 1 year to less than 3year : 6.00%
3. 3 years and above : 7.00%
4. For Institution & Corporate Bodies, 46 days to 1 year : 2.00%

Note: Interest on the Fixed Deposit ceases upon the maturity date unless renewal has been prearranged.

Interest Payment:
Interest on Deposit Receipts are payable on maturity but accrued interest may be paid at the depositors