TERM DEPOSIT

Double Benefit Deposits provide a higher yield on the principal at the end of the stipulated period as the interest is compounded on quarterly basis

ELIGIBILITY

DOUBLE BENEFIT DEPOSITS

Double Benefit Deposits provide a higher yield on the principal at the end of the stipulated period as the interest is compounded on quarterly basis; but, the principal and the accrued interest is paid only at the end of the period for which the deposit is placed with the Bank and not monthly or half-yearly as in the case of other types of deposits. This scheme is useful for short term and medium term investment ordinarily ranging from 12 months to 120 months.

KYC (Know Your Customer) Norms for opening account are applicable for these accounts also hence proof of residence and proof of identification will be required along with recent photograph of the depositor/s

WHO CAN APPLY

The accounts may be opened in the names of :

Individual - Single Accounts

Minors

Government and Quasi-Government Bodies

Two or more individuals - Joint Accounts

Limited Companies

Panchayats

Sole Proprietory Concerns

Associations, Clubs, Societies, etc.

Religious Institutions

Partnership Firms

Trusts

Educational Institutions (including Universities)

AMOUNT OF DEPOSIT

PERIOD AND AMOUNT OF DEPOSIT

Deposits under Double Benefit Deposit Scheme are accepted for a fixed period from six months upto a maximum period of 120 months. These deposits, on maturity are repayable with interest compounded on quarterly basis. These deposits may be accepted even for periods where the terminal quarter/half year is incomplete.

MINIMUM AMOUNT OF DEPOSIT

Minimum amount that may be accepted for the scheme shall be Rs.10,000/-in Metro and Urban Branches and Rs.5000/- at Rural and Semi urban Branches For senior citezens the min amount is Rs5000/-
Minimum Amount criteria will not be applicable to Subsidy kept under GOVT Sponsored Schemes, Margin Money, earnest money and court attached/ordered deposits Payment of Interest
Interest will be paid at the time of maturity along with principal with quarterly compounding.(The payment/credit of interest in the account will be subject to TDS as applicable)PAN number is essential for those accounts where TDS is deducted.
Payment and Renewal of Deposits Before Maturity
Illiterate Persons
Depositors may request repayment of their deposits before maturity. Repayment of term deposits before maturity is permissible in terms of the directives of the Reserve Bank of India issued from time to time. In terms of the directives, the provision regarding premature withdrawal of deposits is as follows

PENALTY

Penalty on premature withdrawal of deposits

S.No	Effective Date	Amount of Deposits	Remarks
1	14/06/2022	Penalty on premature withdrawal of deposits	Penalty waived
2	08/06/2022	All fresh and renewed Domestic Rupee Term deposits for Rs. 25 Lacs and above.	Penalty waived
3	14/06/2022	All fresh and renewed Domestic Rupee Term deposits	Penalty waived
4	05/06/2022	All Domestic Rupee Term Deposits of Rs.1 Cr & above received / renewed on or after 27.06.2011.	Penalty imposed
5	21/06/2022	All fresh and renewed deposits Domestic Rupee Term Deposits	Penalty waived

HOW TO APPLY

We provide loans to meet various Personal requirements of customers and their family. Bank offers loans for marriage expenses, medical expenses, educational expenses, purchase of consumer durables etc.

HOW TO APPLY FOR A PERSONAL LOAN ONLINE?

A Personal Loan is provided by the banks based on criteria like employment history, repayment capacity, income level, profession and credit history.

It is a multi-purpose loan which can be used to meet any immediate needs of the customer. Like any other loan, for a Personal Loan the customers are advanced a specific amount of funds on a set interest rate which can be cleared via a fixed repayment tenure.

STEPS TO FOLLOW

1. CHECK ELIGIBILITY

Select the Loan amount and tenure to calculate as per your requirement.

2. SUBMIT APPLICATION

Fill in the online form and attach required documents with the application.

3. CHECK APPROVAL STATUS

Personal Loan for approved application will be disbursed in your Savings Account.

1. CHECK ELIGIBILITY

Select the Loan amount and tenure to calculate as per your requirement.

2. SUBMIT APPLICATION

Fill in the online form and attach required documents with the application.

3. CHECK APPROVAL STATUS

Personal Loan for approved application will be disbursed in your Savings Account.

STILL HAVE QUESTIONS?

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with all your queries.

DOCUMENTS

Downloadable documents for the loan application to be submitted by the applicant.

Application cum proposal form

(To be filled by the Applicant)

Download

Annexure to application

(To be filled by the Guarantor)

Download

Documents required

(To be submitted by the Applicant)

Download

Annexure 3

(To be submitted by the Applicant)

Download

Verification form

(To be submitted by the Applicant)

Download

Documents required 2

(To be submitted by the Applicant)

Download

FAQs

General questions and answers on personal loan.