TERM DEPOSITSNow you can earn a higher income on your surplus funds by investing those with us. We provide security, trust and competitive rate of interest. HIGHLIGHTS Safety – We understand the value of your hard earned money and continue to deliver on our promise of safety and security . LIQUIDITY Loan / overdraft facility : You can avail a loan/overdraft against your own deposit. Bank provides you loan / overdraft up to 90% of your deposit amount at nominal cost. So you continue to earn interest in your deposit and still can meet your urgent financial requirements. PREMATURE WITHDRAWAL Interest to be charged on premature withdrawal of term deposits at 1.00% below the rate applicable for the period deposit has remained with the Bank.
TAX IMPLICATIONS. Tax Deductible at Source, as per Income Tax Act.From 01.04.2010, the rate of TDS will be higher of 20% or the applicable rate in all cases where valid PAN is not quoted by the recipient. The declaration filed in 15G and 15H shall not be valid unless the person filing the declaration furnishes his/her PAN in such declaration. The customers who are Sikkim Subject holder is exempted from TDS.
Special Fixed Deposit Scheme 1. Minimum Deposit should be Rs 10,000 2. The interest may be paid at monthly interval at the option of Depositors 3. At the standing instruction of Depositors interest may be credited to Savings bank account. 4. Premature withdrawal is allowed as per rule in case of term Deposits. 5. Instant l Demand loan/overdraft facility to the extent of 90% of deposit is allowed. 6. The minimum term for the deposit should be more then 1 years. Loan / overdraft facility : You can avail a loan/overdraft against your deposit .Bank provides you loan / overdraft up to 90% of your deposit amount at nominal cost. So you continue to earn interest in your deposit and still can meet your urgent financial requirements. PREMATURE WITHDRAWAL Interest to be charged on premature withdrawal of term deposits at 1.00% below the rate applicable for the period deposit has remained with the Bank.
TAX IMPLICATIONS. Tax Deductible at Source, as per Income Tax Act.From 01.04.2010, the rate of TDS will be higher of 20% or the applicable rate in all cases where valid PAN is not quoted by the recipient. The declaration filed in 15G and 15H shall not be valid unless the person filing the declaration furnishes his/her PAN in such declaration. |