Recurring Deposit - Personal Banking

Terms and Condition

Premature Closure Allowed subject to premature penalty as under:

• For Term Deposit upto Rs 5.00 lacs, the penalty for premature withdrawal will be 0.50% (all tenors).
• For Term Deposits above Rs 5.00 lacs, applicable penalty will be 1% (all tenors)
• The interest shall be 0.50% or 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 0.50% or 1% below the contracted rate, whichever is lower.
• TDS is applicable as per Income Tax Rules.
• Form 15G/15H can be submitted by the Depositor to get exemption from tax deduction as per Income Tax Rules.