Bank Fixed Deposits are also known as Term Deposits. In a Fixed Deposit Account, a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest. The rate of interest for Bank Fixed Deposits depends on the maturity period. It is higher in the case of a longer maturity period.

There is great flexibility in the maturity period and it ranges from 15 days to 25 years. The interest can be compounded monthly, quarterly, half-yearly or annually and varies from bank to bank. Minimum deposit amount is Rs 1000/- and there is no upper limit. Loan / overdraft facility is available against bank fixed deposits. Premature withdrawal is permissible but it involves loss of interest.

Eligibility

• Any person or persons approved by the Bank. Co-operative Societies, Registered Trust, Institutions and  Associations. 
• By two or more persons in their joint names. 
• By a natural guardian i.e. father or mother approved by the bank on  behalf of a minor.

Minimum deposit : 1000/-

Interest rate           :  Depends upon maturity period

Loan against FD     :   90% of deposit amount