Features
- Individual (singly or jointly) with others.
- Minor who have attained the age of 10 years and above in his/her own name on giving proof of age.
- Minors below the age of 10 years under guardianship of Natural/legal guardian.
- Proprietorship/Partnership Firm, Commercial Organization, Company / Corporate Body
- Hindu Undivided Family
- Association, Club, Society, Trust or Religious/Charitable Educational Institutions,
- Municipality or Panchayat, Government or Quasi-Government body.
- Illiterate and blind persons can also open accounts.
Terms & Conditions:
- Period of RD - 6 months to 120 months in multiple of 3 months
- Premature withdrawal is allowed.
- TDS is applicable.
- Withdrawals on maturity or one month after deposit of last installment, whichever is later.
- Generally loans/overdrafts against deposits are allowed.
- Interest on overdue deposit is paid as per prevalent policy of the bank from time to time.
- Interest on bank deposits is exempt from income tax up to a limit specified by Income Tax authorities from time to time.
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