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.
| (On Deposit of Rs. 10000/-) | |||
| SR.NO. | Period | Rate of interest | Maturity Amount |
|---|---|---|---|
| 1 | 12 MONTHS | 10.00% | 11000 |
| 2 | 24 MONTHS | 10.30% | 11000 |
| 3 | 36 MONTHS | 11.00% | 27500 |
| 4 | 48 MONTHS | 11.30% | 55000 |
| 5 | 60 MONTHS | 12.00% | 110000 |
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.