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BBK offers you various types of term deposits (Fixed Deposits),at very competitive interest rates which can be opened with a minimum investment of INR 10,000/- You can choose tenures that range from 7 days to 5 years.
Ordinary Fixed Deposits:
In this type of deposit, the interest at every quarter will be credited to the SB/CD account of the customer or as per the standing instructions of the depositor.
At maturity instructions of customer would be awaited; if instructed the depositor would be paid ; if auto renewal is opted, the deposit would be renewed further as mentioned below.
In a reinvestment deposit, the interest accrued to your deposit at the end of each quarter is re-invested along with the principal. The tenure of your deposit must be a minimum of 6 months. At the end of the quarter, the interest and the principal are both rolled over, and the interest is calculated on the total sum. Income tax is deducted at source as per the applicable rates.
As a Fixed Deposit holder, you can avail of the facility for automatic rollovers on maturity (for both the principal and interest). You can select this option at the time of opening the account in the Account Opening form. You can renew only the principal amount or principal and interest accrued for reinvestment deposit. In case only principal is opted, the interest will be paid to your specified account of yours.
The automatic renewal will be done for the same tenure at the interest rate applicable on the maturity date.
On or before the maturity date, you can make the following changes in the rollover instructions of the deposit:
Loan/OD against Term Deposits :
Penal interest on premature withdrawals :
If the deposits are prematurely withdrawn, the interest rate prevailing at the date of deposit, for the period for which deposit was with the Bank shall be payable. The Bank may on such premature withdrawal charge a penal interest at such rate as may be specified by the bank from time to time.
For details of premature withdrawal charges, please refer to Interest Rate Chart.
Tax Deducted at Source (TDS) :
TDS will be deducted when interest paid or accrued during a financial year is Rs.10,000 or more and a consolidated Annual TDS Certificate will be mailed to you after the end of the financial year, including details of all TDS deductions during the year at the applicable TDS rates are for the financial year concerned. No TDS will be deducted if the customer furnishes the Form 15H at the beginning of the financial year.
Interest Rates for Senior Citizens :
Eligibility Criteria : A person who has completed the age of 60 years may be considered as a senior citizen for getting the benefit under the special deposit scheme for senior citizens.
Verification of Age : The following documents can be accepted as valid proof of age for this purpose : (copy)
Interest Rate on Deposits : We pay 0.60% p.a. additional interest over and above the normal interest rates to Senior Citizens.
The following types of persons are eligible to open Term deposits under the scheme.
The account opening form shall be the same as applicable for Savings Bank account and Current Account (Common account opening Form). Please refer to account opening of Savings Bank or Current account for documentation formalities.
Note: For all other terms and conditions of each type of deposit, please contact our Customer Service Department.
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