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Deposits

Fixed Deposits are one of the most popular ways to save money

Features and Benefits
  • Potential to earn compound interest by reinvesting the principal amount along with the interest earned during the period.
  • Flexibility in altering period of deposit of renewal deposit, maturity and payment instructions, principal amount and rollover mode before maturity of the rollover deposit.
  • Higher rate of interest on Fixed Deposits.

In 2006, it was announced for the first time that Bank fixed deposits booked by an Individual/HUF for 5 years & upto Rs. 1,50,000/- will be allowed exemption under Sec 80C of the Income Tax Act,1961 subject to necessary declarations taken from the Customer.

Features and Benefits
  • Minimum Amount: Rs.100.00
  • Multiples of Rs.100.00
  • Maximum Amount: Rs. 1.5 lac (in a FY)
  • Tenure - 5 years (lock in period).
  • No Partial/Premature withdrawal allowed.
  • No OD or pledge allowed.
  • In the case of joint holder deposit, the deduction from income under section 80C of the Act shall be available only to the first holder of the deposit.

A recurring deposit is a special kind of term deposit offered by banks which help people with regular incomes to deposit a fixed amount every month into their recurring deposit account and earn interest at the rate applicable to fixed deposits.

The recurring deposit can be funded by standing instructions which are the instructions by the customer to the bank to withdraw a certain sum of money from his savings/current account and credit to the recurring deposit account.

Features
  • An Investment as small as Rs.50 (and in multiples of Rs.50 thereafter) or as large as per your wish.
  • A minimum tenure of 6 months (and in multiples of 3 months thereafter) up to a maximum tenure of 10 years.
  • For a much smaller investment per month, get interest rates equal to that of regular Fixed Deposits.