Term Deposits

Term Deposits

Term Deposits

For all term deposits under Non IBA Scheme, Interest is calculated for actual number of days reckoning the year at 366 days in a Leap year and 365 days in other years. For deposits under cumulative scheme, compounding is done on calendar quarter basis.

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Overdraft/loan against deposit

Overdraft/loan against deposit

Accepted as a Security by Government Department

Accepted as a Security by Government Department

Accepted as margin for non-fund based facilities

Accepted as margin for non-fund based facilities

Nomination facility is available

Nomination facility is available

Manner of Calculation of interest: For all term deposits under Non IBA Scheme, Interest is calculated for actual number of days reckoning the year at 366 days in a Leap year and 365 days in other years. For deposits under cumulative scheme, compounding is done on calendar quarter basis.

For all term deposits under IBA Scheme, Interest is calculated reckoning the month at 30 days and year at 360 days. For deposits under cumulative scheme, compounding is done on anniversary quarter basis. For Broken period interest is calculated for actual number of days reckoning the year at 365 days.

Revised procedure on renewal of Domestic/NRO/NRE overdue term deposits effective from November 15, 2014