FIXED DEPOSIT

What is Fixed Deposit…

O A fixed deposit is a financial instrument provided by banks which provides investors with a higher rate of interest than a regular savings account, until the given maturity date

Eligibility…..O Individuals O Sole Proprietorships O Hindu Undivided O Families (HUF) O Partnerships O TrustsO Associations/

Societies and Clubs O Limited Companies

Documents Checklist…O Application with

photograph

O Age proof

O Address proof

Interest….O Interest is credited only if it

is one rupee or more. O Scheduled bank with

deposits of less than Rs.25 Crores are permitted to give an additional ½% of interest.

O Additional fixed deposit interest rate of 1% is also payable to retired employee (not resigned) and the spouse of a deceased retired employee.

BenefitsO Loans can be

availed on fixed deposit up to 80-90%

O Rate of interest over loan will be 1-2% over rate offered on deposit

O NRI can apply for fixed deposit