Double Benefit Term Deposit

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

The accounts may be opened in the names of :

• Individual — Single Accounts
• Two or more individuals — Joint Accounts
• Sole Proprietory Concerns
• Partnership Firms
• Illiterate Persons
• Blind Persons
• Minors
• Limited Companies
• Associations, Clubs, Societies, etc.,
• Trusts
• Joint Hindu Families (accounts of non-trading nature only)
• Municipalities
• Government and Quasi-Government Bodies
• Panchayats
• Religious Institutions
• Educational Institutions (including Universities)
• Charitable Institutions

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.
• 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