PSB Fixed Deposit Schemes
- Deposit Schemes
- Documents Required
- Rate of Interest
Term deposit” means an interest bearing deposit received by the bank for a fixed period and shall also include deposits such as Recurring / Cumulative / Annuity /Reinvestment deposits and Cash Certificates;
- Term Deposit Accounts can be opened by individuals /Sole Proprietors / partnership firms / Private and Public Limited Companies / HUFs / Specified Associates / Societies / Trusts, Departments of Authority created by Government (Central or State), Limited Liability Partnership, etc
- In case of Term Deposits with “Either or Survivor” or “Former or Survivor” mandate, bank will allow premature withdrawal of deposit by the surviving joint depositor on the death of the other, only if there is a joint mandate from the joint depositor in effect. All account opening forms of Term Deposit should invariably contain conditions which account holders can specify therein.
- In case any instructions/mandate is not received from the customer for not renewing the deposits, the deposit will be auto-renewed, excluding deposits like PSB Fixed Deposit Tax Saver Scheme, Capital gain deposit, Bulk Deposit, Inter Bank Deposit for the same period of time as the matured deposit at the prevailing rate of interest. The automatic renewal of such deposits will be restricted up to the maturity value less than Rs. 2 crores.
Capital Gain Deposit Scheme
This is a scheme under which the tax payers can avail of benefits of exemption from Capital gains, only if the amount of Capital gains or the net consideration is deposited in Public Sector Banks on or before their due date of filling the income tax return. (Subject to conditions as contained in relevant provisions of I.Tax Act 1961,) as amended from time to time.
Please note that the additional interest rate benefit for Senior Citizens /Staff / Ex Staff is not applicable under Capital Gain Scheme.
* Nomination facility is available on all deposit accounts opened by individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favour of one individual only. Nomination so made can be cancelled or changed by all the account holder(s) any time.
Documents Required for opening of FD/RD Accounts
Latest Passport Size Photo.
“Officially Valid Document” (OVD): Anyone of the following 6 documents that containing details of name and address. .
- Passport(should not be expired)
- Driving License (should not be expired)
- Aadhaar Card
- Voter's ID Card
- NREGA Job card
- National Population Register.
Permanent Account Number (PAN) or Form No. 60.
Document in respect of the Nature of declared Profession / activity, nature of business or financial status.
Document Required BY Saving Account Customer While Opening Term Deposit Accounts
No separate documents required for existing customer having updated KYC at the time of opening of the term deposit account..
Interest Rates on Saving Bank Deposits with effect from 01st Nov 2022.
|Particular||Rate of Interest|
|Saving Bank Deposit including NRE/NRO||Revised Rates
w.e.f 01.11.2022 (% p.a)
|Upto 1 Crore||2.80%|
|Above 1 Crore to upto 100 Crore||2.90%|
|Above 100 Crore to upto 500 Crore||4.50%|
|Above 500 Crore||5.00%|
Rate of interest on domestic term deposits, NRO accounts, capital gain accounts scheme 1988, recurring deposit scheme and psb fixed deposit tax-saver scheme
|Revised w.e.f. 01/01/2023 (% p.a.)|
Less than Rs.2 Cr
|7 - 14 Days||2.80(#)|
|15 - 30 Days||2.80|
|31 - 45 Days||3.00|
|46 - 90 Days||4.00|
|91 - 120 Days||4.20|
|151 - 179 Days||4.30|
|180 – 269 Days||4.80|
|270 – 364 Days||5.00|
|1 Year - 2 Years||6.25|
|Above 2 Year < 3 Years||6.40|
|3 Years – 5 Years||6.25|
|>5 Years - 10 Years||6.25|