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| There
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| Deposits |
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General Information on deposits
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Opening
and operation
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Any
resident Indian in India can open accounts in single name
or in joint names with different options, for final
disposal.
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An
introduction and two Passport size photographs are
required.
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Nomination
facility is available
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Transfer
of accounts from one branch to another branch is possible.
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Safe
Custody and automatic renewal of deposits are undertaken
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A
unique loan scheme, Cash key is available against all
types of term deposits.
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Premature
Withdrawal
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A
deposit can be prematurely closed if desired. Premature
withdrawal of term deposits permitted, but no interest
will be paid for deposits which have remained with the
bank for a period less than 30 days. For all others,
irrespective of the amount, 1.00% less than the rate
(prevailing at the time of term deposit) applicable for
the period for which the deposit has actually remained
with the Bank will be paid.
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Deposit
can be prematurely closed with the consent of all joint
depositors, except in the case of deposits opened with the
clause, 'Former or Survivor', 'Latter or Survivor', or 'A'
only or Survivor where the specified person can
prematurely close the account
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Closure
Of Accounts
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When
the account is closed the amount is paid by cash or
credited to the account of the depositor. Repayment of
deposits with maturity value above Rs.20,000/- shall be
made by credit to an account or by an account payee cheque
(as per law).
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Savings
bank accounts/Current accounts in joint names, can be closed
on joint request.
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