Fixed Deposit Scheme
A fixed deposit (FD) is a financial instrument provided by banks or NBFCs which provides
investors a higher rate of interest than a regular savings account, until the given
maturity date. It may or may not require the creation of a separate account.
Terms & Conditions:-
- Minimum FD would be of Rs. 1,000 and further in multiple of Rs. 1,000.
Interest calculation Quarterly compound.
- Loan available against deposit up to 70% of deposited amount after one month from
the date of deposit.
- Rate of Interest on loan against FD would be 6% higher than applicable rate of
interest to your deposit.
Pre Mature Closure of Deposits:-
Fore closure of Deposits will not be permitted until completion of 3 months From the
date of Deposits. Deposits foreclosed after 3 months but before 6 months from the date
of Deposits no Interest will be paid. Deposits foreclosed after 6 months, interest at 2%
shall be deducted from the normal rate of Simple Interest for the period of Deposit.