Fixed Deposit
Term deposit” means an interest bearing deposit received by the bank for a fixed period and shall also include deposits such as Recurring / Cumulative / Annuity /Reinvestment deposits and Cash Certificates;
- Term Deposit Accounts can be opened by individuals /Sole Proprietors / partnership firms / Private and Public Limited Companies / HUFs / Specified Associates / Societies / Trusts, Departments of Authority created by Government (Central or State), Limited Liability Partnership, etc
- In case of Term Deposits with “Either or Survivor” or “Former or Survivor” mandate, bank will allow premature withdrawal of deposit by the surviving joint depositor on the death of the other, only if there is a joint mandate from the joint depositor in effect. All account opening forms of Term Deposit should invariably contain conditions which account holders can specify therein.
- In case any instructions/mandate is not received from the customer for not renewing the deposits, the deposit will be auto-renewed, excluding deposits like PSB Fixed Deposit Tax Saver Scheme, Capital gain deposit, Bulk Deposit, Inter Bank Deposit for the same period of time as the matured deposit at the prevailing rate of interest. The automatic renewal of such deposits will be restricted up to the maturity value less than Rs. 2 crores.
Capital Gain Deposit Scheme
This is a scheme under which the tax payers can avail of benefits of exemption from Capital gains, only if the amount of Capital gains or the net consideration is deposited in Public Sector Banks on or before their due date of filling the income tax return. (Subject to conditions as contained in relevant provisions of I.Tax Act 1961,) as amended from time to time.
Please note that the additional interest rate benefit for Senior Citizens /Staff / Ex Staff is not applicable under Capital Gain Scheme.
* Nomination facility is available on all deposit accounts opened by individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favour of one individual only. Nomination so made can be cancelled or changed by all the account holder(s) any time.
