E-Channels Term Deposit Terms and Conditions
| S. N. | Scheme | Description | Duration | Amount (Min-Max)* |
|---|---|---|---|---|
| 1 | ESTD | Short Term Deposit | 7 days to 364 days | Rs. 1000 to 10 Lakh |
| 2 | EFDM | Fixed Deposit with Monthly Interest Pay-Out | 12 months to 10 years | Rs. 1000 to 10 Lakh |
| 3 | EFDQ | Fixed Deposit with Quarterly Interest Pay-Out | 12 months to 10 years | Rs. 1000 to 10 Lakh |
| 4 | ERIDS | Reinvestment Deposit Scheme | 12 months to 10 years | Rs. 1000 to 10 Lakh |
| 5 | ETXFD | Tax Saver Fixed Deposit | 5 Years | Rs. 1000 to 10 Lakh |
| 6 | ERD | Recurring Deposit | 12 months to 10 years | Rs. 100 to 50,000/- |
* E-Fixed Deposit amount must be in multiples of Rs. 500/-, and the installment amount for E-Recurring Deposits will be in multiples of Rs. 100/-.
- The receipt for the online term deposit will be generated under the same name(s) of the account holder(s) as indicated in the account from which the amount was deducted when the term deposit account was opened.
- By default, the maturity amount of the term deposit will be credited to the account from which the term deposit was opened.
- To open the term deposit account via E-Channel, it is necessary for the funding account to be active and compliant with KYC regulations. Furthermore, a Nominee may be added at the time of opening the term deposit account.
- Interest rates for term deposits are listed on the Bank's website. Please make sure to verify these interest rates before proceeding to open an FD/RD account online.
- Please ensure that you verify the deposit account information (like debit account, amount, type of deposit, period etc.) displayed on the "Confirmation Screen" before moving forward for creation of a term deposit.
- Online term deposit offering an additional interest rate for senior citizens will be issued if the customer's age is 60 Years or above, on the date of creating the term deposit, based on the date of birth recorded with the Bank. The minimum number of days and minimum amount applicable for additional rate of interest for senior citizens will be set according to the Bank's policy.
- If at any time the Bank discovers that you did not qualify for the Senior Citizen benefit, the Bank reserves the right to recover from you any additional amount of interest that the Bank might have paid to you and take any other action as permitted by law.
- In case of joint accounts, the Senior Citizen benefit can be availed only if the primary account holder qualifies for this benefit.
- The PAN in the customer id (CIF) is mandatory for opening of a fixed deposit account of Rs. 50,000/- or above.
- The Tax deduction at source (TDS) will be deducted by the Bank as per the law applicable. If there is no tax to be deducted, the depositor must provide form 15H/G to the branch immediately after the term deposit is opened and at the beginning of each Financial Year in the subsequent Financial Years.
- Term Deposit will be disposed of in accordance with the maturity instruction given when the deposit account was opened. If auto renewal is allowed for the scheme, the deposit will be renewed for the same period at maturity or for one year, whichever is less, at the rate of interest prevailing on the date of renewal for that duration. If auto renewal instructions are given, the instructions will be executed one-time only.
- Premature closure of deposit is allowed. In case of premature closure, the deposit shall be subject to penalty provisions at the rates decided by the Bank from time to time.
- Online term deposit account, which is opened via any E-Channel cannot be closed at the Bank's branch. In case of deceased customer, term deposit FD/RD will be closed at the branch on presenting the documentary evidence and proceeds will be paid to nominee /legal heirs (which is applicable as per guidelines). In addition, term deposits that are opened through one E-Channel cannot be closed using the other E-Channel.
- It's important to know that a Tax Saver FD has a mandatory five-year lock-in period during which premature withdrawal is not permitted. After the five-year tenure is completed, the funds can be withdrawn. The only exception to this rule in case of deceased customer, term deposit will be closed at the branch on presenting the documentary evidence and proceeds will be paid to nominee /legal heirs (which is applicable as per guidelines).
- The total maturity amount, defined as Principal + Interest - TDS (if applicable), will be credited to the account that was used to create the term deposit. Thus, it is important not to close the account that was debited for any online term deposit before its maturity or in the event of pre-closure.
- Receipts for online term deposits will exclusively be generated through the respective E-Channel. The branch will not issue any certificate or receipt for term deposits opened via E-Channel.