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Counter Operation Time Deposit New Account

Counter Operation Time Deposit New Account. Procedure same as opening of new Savings account. If opened by cheque, account will be opened on realization of cheque. Customer Information For Time Deposit. Minimum- Rs.200/- and in multiple of Rs.200/-. Maximum – no limit.

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Counter Operation Time Deposit New Account

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  1. Counter OperationTime Deposit New Account Procedure same as opening of new Savings account. If opened by cheque, account will be opened on realization of cheque. RULE NO : 132 POSB Manual Volume -I

  2. Customer Information For Time Deposit Minimum- Rs.200/- and in multiple of Rs.200/-. Maximum – no limit. Subsequent deposit & withdrawal – not allowed. RULE NO : 132 POSB Manual Volume -I

  3. Interest rate • 1 year Time Deposit Account 8.2 % • 2 year Time Deposit Account 8.2 % • 3 year Time Deposit Account 8.3 % • 5 year Time Deposit Account 8.4 % Premature closure - • After six month @ savings account rate . • After one year from the date of opening at reducing rate. (Less 1 % from 1, 2 or 3 year TD rate as the case may be) RULE NO : 132 POSB Manual Volume -I

  4. Interest will be calculated quarterly compounded and payable annually. Post - maturity interest @ Savings Bank Account rate for the completed months from the date of maturity to date of payment. For the purpose of payment of interest, any part of the period which is less than one month shall be ignored. RULE NO : 132 POSB Manual Volume -I

  5. Thank You

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