TERM DEPOSIT ACCOUNT

• Term deposit account can be opened minimum term of 15 days and maximum term of 10 years.
• Interest rates will apply according to the current term deposit rates for various tenures.
• An additional interest rate of 0.50% will be provided for senior citizens.
• Deposit receipts for new term deposits will typically issued on the same day.
• A depositor can avail of a loan up to 80% of the deposit amount. The interest on the loan will be 2% higher than the interest rate paid on the deposit.
• A term deposit account can be opened with a minimum amount of ₹1000.