Term Deposits (MIS)
Interest pay out schemes
Monthly, quarterly, half yearly.
Rs. 1,000/- in lump sum and multiple of thereof.
FeaturesForm 15H/ 15G required to be submitted for exemption of TDS. More importantly.
Pre maturity / RedemptionIn case of payment before the date of maturity 1% is deducted from the applicable rate of interest for the actual period for which deposit is kept with the bank.
It is recommended to avail credit facility against deposit rather than premature closure of Fixed Deposits.