FIXED DEPOSIT
FIXED DEPOSIT
A fixed deposit (FD) is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account. A fixed deposit is a financial instrument where a member gets assured ROI.
Features
- Attractive interest rates
- Special rate for senior citizen
- Loan facility up to 80%,
- Premature withdrawal: In case deposit opened is prematurely withdrawn/closed before tenure, the applicable penal rate will be 4%.
- Joint account can be open
- Short term and long-term deposits
- Monthly income schemes, Investment doubling schemes
Terms & Conditions
- Minimum FD would be of Rs.10,000 and further in multiple of Rs.1,000
- Interest calculation simple compound.
- Loan available against deposit up to 95% of deposited amount after one month from the date of deposit.
Pre-Mature Closure of Deposits
Fore closure of Deposits will not be permitted until completion of 3 months from the date of Deposits. Deposits foreclosed after 3 months but before 6 months from the date of Deposits no Interest will be paid. Deposits foreclosed after 6 months, interest at 2% shall be deducted from the normal rate of Simple Interest for the period of Deposit.
* Terms & condition apply and all deposit plan only for members/shareholders.