Unfixed Fixed Deposit Scheme

Why keep your hard earned money in savings account for unforeseen exigencies which earns you only 4.00% interest for 2 yrs and above ? Unfixed Fixed Deposit Scheme allows benefits of higher term deposit rate with quarterly compounding interest while allowing facility of simultaneous overdraft against your deposit. Now you can use your money while earning interest on it. Get a cheque book at the time of opening of account with your Fixed Deposit Receipt.

Participation in the scheme
The scheme is suited for all categories of depositors like Individuals, Sole Prop. Concerns firm, Trusts and Limited Companies who wish to park their temporary surpluses in Fixed Deposits, thereby earning higher rates of interest as well as withdraw or repay the amount in between depending upon their needs.
Participation is not for all the depositors. Blind, illiterate and minors cannot open this A/C.

Deposit Amount
Minimum Rs. 50,000/-

Period of Deposit
6 months upto 5 years

Maturity Value
Principal amount of deposit with upto date interest shall be paid on maturity date.

Premature Cancellation
Allowed at lower rate of interest

Flexibility
Overdraft facility is to be granted through Overdraft Account and Cheque Book to be issued to the borrower on the same day and OD A/C with Nil balance to be opened in the Books of the Account. Actual drawing to be allowed on a subsequent date. The limit under the OD Account is to be 90% of the amount deposited by the account holder.

The interest on your withdrawals will be charged on daily basis at 1.5% p.a over the deposit rate. Thus you can minimize the interest cost on your withdrawals.

Required documents for deposits:

Minimum Balances for accounts may vary across branches.
For personal accounts:

• Citizenship Certificate or Passport
• 2 PP size photos

• Registration Certificate
• Tax Certificate
• Citizenship Certificated Proprietor
• 2 PP size photos

• Partnership Agreement deed
• Firm Registration Certificate
• Tax Certificate
• Citizenship Certificate of Partners
• 2 PP size photos of partners

• Registration Certificate
• Memorandum & Articles of Assocation
• Name, Address of directors & Office Bearers of the Limited Company with copy Citizenship Certificate
• Name & Signatures of the Persons Authorised to Operate an account
• Operation Commencement Certificate (for Public Ltd. Co.)
• Resolution of Board of Directors regarding opening & conduct of an account
• Tax Certificate

• Registration Certificate
• List of Office Bearers
• Resolution Regarding Opening & Conduct of Account
• Name & Signature of the persons authorized to operate the account