Here, you agree to deposit your money for a fixed period of time ranging from one month to three years. Usually, longer the period of deposit higher rates would be payable. Special rates of interest can be negotiated for deposits more than Rs.1.0 Million.
Premature withdrawals are permitted. However, then the rate of interest payable would be adjusted to be in par with the shorter duration it was held.
Features
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Where the agreed period is from one to six months, the interest would be paid only upon maturity |
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It is possible to earn interest at maturity or monthly on Time Deposits of one year. |
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On two years deposits interest could be paid monthly, annually or at maturity. |
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You can earn interest monthly, quarterly, half yearly, annually or at maturity on 3 year deposits. |
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