rect rect Bank of India
yo You are here path  Retail path Retail-Deposit path Fixed Deposit  

Fixed/Short Term Deposit

Mode of calculation of Interest on Short Deposits and Fixed Deposits for periods less than 12 months :

Short Deposits
On deposits repayable within six months
(Short Deposits)

Interest should be paid for the actual ___________ number of days on the basis of 365 days in a year

Fixed Deposits
On Deposits repayable after six months
(Fixed Deposits)
where the terminal month is complete or incomplete

Interest will be calculated for the completed months and where the terminal month is incomplete- the actual number of days on the basis of 365 days in a year.

KYC ( Know Your Customer) for opening account is applicable for these accounts hence proof of residence and proof of identification will be required alongwith recent photograph of the depositor/s

Need to open Savings Bank Accounts

It is desirable that the Term Deposit account holders also maintain Savings Bank accounts with the Bank so as to avoid delay in disbursement of interest on term deposits or inconvenience to the depositor to call on the Branch to collect interest.

``For the benefit and convenience, may we suggest that you open a Savings Bank Account with us and give us instructions to credit thereto, half yearly interest on this Term Deposit Receipt. Your interest will earn interest.''
images           © 2018 Bank of India. All rights reserved