In deposit terminology, the term Fixed Deposit refers to a savings account or certificate of deposit that pays a fixed rate of interest until a given maturity date. Funds placed in a Fixed Deposit usually cannot be withdrawn prior to maturity or they can perhaps only be withdrawn with advanced notice and/or by having a penalty assessed.
A sum of money given to a bank, financial institution or company whereby the receiving entity pays interest at a specified percentage for the time duration of the deposit. At the end of the time period of the deposit the amount that is originally given is returned to the investor. Fixed deposits are also known as term deposits.
Deposit Scheme
- All the deposits of shareholders and non shareholders till Rs 1,00,000 is safe under D.I.G.C scheme
- Bank is authorized to accept deposits of Public Trust.
- Bank gives interest on deposits of account holders every monthly or every three months or cumulative as per desire of account holders.
- Bank gives interest on fixed deposit account from date 1/10/2021 at 3.00% to 5.00% in different schemes.
- Bank gives additional 0.25% rate of interest to all the senior citizens on their deposits.
- Bank gives additional 0.25% rate of interest who deposit 15 lakh and more*.
- Member who saving compulsory bank give 5.00% on saving.
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