7 to 14 days

5.00

15 to 30 days

5.00

31 to 45 days

5.00

46 to 90 days

5.50

91 to 120 days

6.25

121 to 179 days

6.25

180 days

6.50

181 days to < 10 months

6.50

10 months to 14 months

6.75

More than 14 months to 3 years

6.60

More than 3 years to 5 years

6.70

More than 5 years to 10 years

6.70

1 year

6.75

6.95

6.80

More than 1 year to 3 years

6.60

6.70

6.70

More than 3 years to 5 years

6.70

6.70

6.70

More than 5 years to 10 years

6.70

6.70

6.70

USD < 300,000

3.04

2.71

2.75

2.72

2.68

USD >= 300,000

3.04

2.81

2.85

2.82

2.78

GBP

1.68

1.43

1.42

1.44

1.36

EUR

0.59

0.32

0.35

0.38

0.34

JPY

0.95

0.67

0.66

0.66

0.56

AUD

1.94

1.61

1.62

1.74

1.70

CAD

3.10

2.57

2.53

2.52

2.42

6 months to < 1 year

3.04

3.04

1.68

0.59

1 year to < 2 years

3.04

3.04

1.68

0.59

2 years to < 3 years

2.71

2.81

1.43

0.32

3 years

2.75

2.85

1.42

0.35

Eligibility

• Resident individuals in single or joint names
• Illiterate and blind persons
• Minors, Purdanasheen ladies
• Non-individuals like associations, trusts, societies, clubs, agencies, and institutions.

Quantum of deposit

• Metro and Urban branches - The minimum investment is 10,000
• Rural and Semi-urban branches - The minimum deposit amount is 5,000.
• Senior Citizens - The minimum deposit allowed is 5,000

Tenure

• The minimum period is 7 days, and the maximum is for 10 years
• Deposits for a minimum of 7 days and a maximum of 179 days classify as short deposits.

Payment of interest

Interest is payable every quarter

Premature payment

Allowed

Nomination

Available

Eligibility criteria

All resident Individuals in single/joint names

Features

• Interest payable every month at the contracted rate
• Interest paid on the discounted value
• Interest credit to the savings/current account
• Senior citizens get additional interest benefit @0.50% if a deposit is for a minimum period of 1 year.

Deposit tenure

The minimum period is 6 months, and the maximum is 120 months

Nomination

Available

Premature payment

Allowed

Tax deduction at source

As per rules

Eligibility

• Resident Individuals in single or joint names
• Non-individuals permitted by RBI

Features

• Quarterly compounding of interest and reinvesting it
• Senior citizens get the benefit of an additional 0.50% if a deposit is for a minimum period of 1 year.

Deposit tenure

• The minimum tenure is 6 months, and the maximum is for 120 months

Nomination

Available

Premature payment

Allowed

TDS

As per rules

Eligibility

Resident individuals and HUF having PAN

Type of deposit

• In single or joint names
• In case of joint names, tax concession is available to the first-named depositor.

Quantum of investment

• The minimum investment is 5,000, and the maximum deposit is 1.50 Lakhs.
• Deposit accepted in multiples of 1,000 above 5,000

Tenure

The minimum period of investment is 5 years, and the maximum is 10 years.

Form of deposit

Deposit accepted as Deposit Reinvestment Certificate, Fixed Deposits, or under Monthly Income Scheme.

Loans

Available after the lock-in period of 5 years

Interest payout

Depends on the form of the deposit

Nomination

Allowed

Premature payment

Allowed after the lock-in period of 5 years

TDS

As applicable

Benefits

Get tax concessions under Sec 80C of IT Act

Easy Tax Saver Scheme variant

• Flexibility to invest in the Tax Saver Fixed Deposits in lump-sum, in monthly instalments, or when you have surplus funds.
• Enables systematic tax planning by investing small amounts throughout the financial year.
• Invest as many times as you want up to a cumulative maximum of 1.50 Lakhs per fiscal year.

Product

A unique Recurring Deposit scheme with the facility of Step-up or Step-down options.

Features

• Product available to individuals and non-in-individuals
• Customer selects a core amount and deposits the same as an initial deposit
• The minimum core is 100, and the maximum core investment is 1 Lakh
• The minimum tenure is 6 months with the maximum being 60 months
• Interest calculated on daily reducing balances

Step Up option

• The depositor can vary the monthly instalment up to ten times the core amount subject to a maximum deposit of 1 Lakh.

Step Down option

• On increasing the monthly instalment, the customer can reduce his/her deposit instalment, subject to the deposit of the minimum core amount.

Premature closure

Allowed

Penalty

• No penalty for early closure
• No penalty for delayed instalment

Nomination

Allowed

Loan

Up to 75% of the deposit amount @ 2% over the deposit rate

TDS

Applicable as per rules

Target

All sections of society, especially the salaried sector

Eligibility

All resident individuals and non-individuals

Type of deposit

Recurring Deposit

Features

• The minimum monthly instalment is 50
• The deposit tenure is from 6 months to 120 months
• No alteration of deposit amount once the depositor selects the same
• Quarterly compounding and reinvestment of interest
• Maturity amount payable one months after payment of last deposit instalment

TDS

As applicable

Product

• Deposit of one-time lump-sum amount as directed by Motor Accidents Tribunal/Court.
• The beneficiary receives the proceeds in EMIs comprising part of principal and interest.

Eligibility

• Individuals
• Minors should open an account through a guardian in a single name

Mode of holding

Single names

Type of account

Term Deposit account

Quantum of deposit

• No maximum amount
• The minimum amount should be such that the monthly annuity payment should be a minimum of 1,000.

Tenure

• Usually, the period is between 36 and 120 months
• If the period is less than 36 months, the bank opens a regular FD
• The maximum tenure can be more than 120 months, as the court decides the tenure

Payment of annuity

Credit to the individuals MACT Savings Bank account only

Conditions

• No receipts will be given to depositors
• Issuance of passbook for MACAD
• No loan allowed

Nomination

Allowed as per directions of the court

Premature closure

• Allowed with the permission of the court
• No penalty on early closure
• In the case of death of the account holder, the nominee can seek pre-closure or continue with the annuity payments.

TDS

As applicable

Quantum of deposit

Minimum amount of 1 Crore

Deposit types

• Fixed Deposit
• Short Term Deposit
• Deposit Reinvestment Certificate

Deposit tenure

61 days to a maximum of 3 years

Auto-renewal

Not allowed

Rate of interest

As decided by the bank

Premature closure

Not permitted

Loans

Permitted

Eligibility

Resident Individuals and non-individuals

Features

Short Term Bank Deposit Scheme

Specific branches

Six designated branches only

Deposit tenure

Short term of 1 year to 3 years

Quantum of deposit

• In the form of raw gold equivalent to 30 grams of gold of 995 purity
• No maximum limit

Redemption

• Principal and interest either in Indian Rupee for the value of gold prevailing at the time of redemption OR in gold.
• The irrevocable option is given in writing at the time of deposit of gold
• The fraction of maturity for which payment is not possible in gold will be made in INR.

Premature redemption

• Lock-in period of one year
• No interest payable if withdrawal is made during this period
• After 1 year, the premature payment penalty is 0.25%
• Early redemption in INR only

Eligibility

NRI/PIO/OCI

Currency

Indian Rupees

Type of account

Term Deposit

Deposit tenure

1 year to 10 years

Source of funding

• Inward remittance from abroad
• Transfer from NRE/FCNR A/c

Joint account

Allowed with residents with mandate Former/Survivor

Nomination

Allowed

TDS

Exempt from income tax

Repatriation

Principal and interest fully repatriable

Eligibility

NRI/OCI/PIO

Currency

Indian Rupees

Deposit type

Term Deposit

Deposit tenure

15 days to 10 years

Source of funds

• Inward remittance from abroad
• Depositing foreign currency cheque
• Transfer from NRE/NRO/FCNR account of the customer
• Surrender of foreign currency/TCs by the account holder in person

Joint accounts

Permitted with resident relatives with operating instructions Former or Survivor

Nomination

Allowed

TDS

• Interest below 10 Lakhs - 30.90%
• Interest above 10 Lakhs - 33.99%

Repatriation

As per RBI and FEMA rules

Eligibility

NRI/PIO/OCI

Purpose

Maximise yield on Rupee deposits

Tenure

1 year

Rate of interest

As applicable to one-year FCNR (B) Deposit

Conditions

• Deposit under FCNR (B) Scheme alone
• The minimum value of deposit is USD 10,000 or equivalent
• Premature extension is not allowed
• No early withdrawal
• Maturity payment in INR

Product

Foreign Currency Fixed Deposit account

Currencies

USD, GBP. EUR, JPY, AUD, and CAD

Eligibility

NRI/PIO/OCI

Deposit tenure

1 year to 5 years

Source of funds

• Remittance from abroad
• Transfer from NRE/FCNR A/c

Repatriable

Principal and Interest repatriable

Joint holders

Joint accounts with resident relatives allowed with operating instructions as Former or Survivor.

Loans

Available

Purpose

Avail higher interest while safeguarding against exchange risk

Eligibility

NRI/PIO/OCI

Quantum of deposit

The minimum size is the equivalent of USD 10,000

Deposit tenure

Fixed for 12 months

Type of deposit

NRE Term Deposit

Benefits

• Higher returns as compared to FCNR deposit
• Protection against exchange losses
• Interest earned in India is tax-free
• Fully repatriable

Conditions

• No premature extension
• No loan of overdraft
• No early withdrawal

Eligibility

NRIs permanently returning to India

Source of funds

Money held in NRE/FCNR accounts

Currency

USD, GBP, EUR

Deposit tenure

6 months to 3 years

Repatriable

On regaining NRI status

Individuals - ID and Address Proof

• Aadhaar Card
• PAN Card
• One recent photograph

For Address Proof alone

• Recent utility bill
• Property tax receipt
• Pension Payment Order
• Letter of allotment of accommodation issued by any Government department, financial institutions, PSUs
• Leave and licence agreement

Non-resident Individual

• Copy of passport and residence visa
• Recent photograph

Proprietary Concern (any two of the documents listed here)

For identity, address, and activity

• Registration certificate
• Shop & Establishment Act Certificate
• GST Certificate
• Importer Exporter Code
• A licence issued by any professional body
• Complete IT return
• Utility bills
• ID and Address proof of individuals authorised to operate the account
• Recent photos

Hindu Undivided Family

• Prescribed HUF letter signed by all major co-parceners
• Karta Declaration form

Partnership firms

• Registration Certificate
• Partnership deed
• PAN of the firm

Companies/Corporations

• Certificate of Incorporation
• Memorandum of Association
• Articles of Association
• PAN of the Company
• List of directors
• Board Resolution

Trusts

• Registration Certificate
• Trust Deed
• PAN of the trust

Local Bodies/Societies

• Resolution for opening the FD account
• Documents listing persons authorised to act on behalf of the entity

Unincorporated Association

• Resolution of the managing body
• PAN of the association
• POA granted to the authorised person to operate the account