Terms & Conditions - Deposits via Feddy

General Instructions and Terms and Conditions for opening of Resident & NRE Term Deposits via Feddy.

• Only NRE & Resident Term Deposits can be opened online.
• Debit Account should be a Savings, Current or Overdraft account.
• Deposit can be opened only in the name of the primary account holder of the debit Account.
• Online requests received after 7 PM are likely to be opened with effective date as next working day.
• All the fixed deposit transactions executed via Feddy on a bank holiday will be processed on next working day only.

Scheme

• FSF – Monthly/Quarterly/Half Yearly /Yearly:  Recurring deposit where Monthly/Quarterly/Half Yearly /Yearly denote the periodicity of the recurring instalments to be remitted.
• Cash Certificate: Term deposit where interest is compounded quarterly and reinvested on maturity. It is suited for a depositor who does not require interest to be paid every month/quarter etc.
• FD – Monthly/Quarterly/Half yearly/yearly/Int on maturity: Deposit scheme where interest will be paid monthly/quarterly/half yearly/yearly/on maturity. Except in the case of FD – Interest on maturity, interest will be transferred to the account from which the deposit was funded in the selected periodicity of the deposit.
   

Deposit Amount

• Minimum amount for FSF: Rs.50/- and in multiples of Rs.10/-
• Minimum amount for Cash Certificate and FD: Rs.1000/-
   

Period

Resident FSF: For FSF-Monthly, minimum period is 6 months. In all other cases, minimum period will be 3 times of the periodicity of instalments, i.e. for a Resident FSF–Quarterly, the minimum period should be 9 months. Likewise, for Resident FSF Half Yearly, the minimum period should be 18 months.
NRE FSF: For NRE FSF Monthly & Millionaire FSF, minimum period is 1 year. In all other cases, minimum period will be 3 times of the periodicity of instalments subject to a minimum period of 1 year i.e. for an NRE FSF- Quarterly, the minimum period should be 12 months. Likewise, for NRE FSF Half Yearly, the minimum period should be 18 months.

Resident Cash Certificate: Minimum period – 6 months.
NRE Cash Certificate: Minimum 1 year
Resident FD group: Minimum period – 7 days.
NRE FD Group: Minimum period 1 year. Maximum period will be 10 years in all cases (120 months)

Interest rates for Senior citizen/ Staff in Resident deposits

• If the primary account holder of the debit account is a senior citizen, the term deposit will be opened with interest rate applicable to senior citizens.
• If the primary account holder is staff, term deposit will be opened with interest rate applicable to staff.
• However, presently term deposit/FSF cannot be opened with an additional rate of interest for staff + Senior citizens (Sr. Citizen Staff). In this case he / she will have to apply at branch for the same.
• No additional benefit is applicable for senior citizen and staff in case of NRE deposits.

Scheduling recurring deposit instalment on Recurring Deposits via Feddy
Recurring payment for FSF will be scheduled automatically and the SI date will be the same day of every month, on which the Deposit is opened. SI will be registered in the debit account only.
 

Deposit Receipt /Passbook

Normally physical deposit receipt/passbook is not issued for term deposit/FSF opened through Feddy. However, a User who wishes to get a deposit receipt may approach his branch for the same.

Closing of Resident/NRE Term Deposit opened online
Online Request can be submitted in FedMobile for closing term deposit opened online on via Feddy. Term Deposit accounts opened through via Feddy and where Deposit receipts are not printed only can be closed on FedMobile. For closing accounts where deposit receipts are already printed, Users must approach the branch and submit the same. The proceeds of the term deposit will be transferred only to the debit account from which it was funded.

Automatic Renewal
Term Deposits will be automatically renewed on maturity for a similar Term on same terms and conditions (except rate of interest). Rate of interest payable on the deposit thus renewed will be the rate prevailing on the date of renewal.
The deposits will be automatically renewed on maturity for similar terms and conditions (except rate of interest) only if required KYC formalities are not complied with the User, Bank may at its sole discretion discontinue the autorenewal of the term deposit.

Interest rate
Interest rate applicable to the term deposit will be the interest rate prevailing as on the date of opening the term deposit.

Federal Tax Saving Deposits
The term of tax savings deposit is five years commencing from the date of opening the deposit and premature withdrawal is not allowed. Auto renewal/renewal facility is not available on Tax savings deposits/Deposit plus accounts and the proceeds will be transferred to the operative account upon maturity.

Premature closure

• Interest payable for premature closure of Resident/NRE Term Deposit / FSF will be the deposit rate applicable as on the date of opening of the deposit for such period that the deposit has remained with the Bank. For NRE deposits no interest will be paid if closed before completion of 1 year.
• No interest is payable if NRE Term deposit is closed before completion of 1 year. Pre-payment penalty is not applicable to NRE Term deposits closed before completion of 1 year.
• Structure for penalty on premature withdrawal of Single Rupee Term Deposit of less than ₹2 Crores opened/renewed effective from 21.10.2022 is as follows:

* Period for which the deposit is maintained with the Bank, irrespective of the contracted tenor.

The revised penal structure shall be applicable for all rupee resident term deposits (Domestic/ ONR). Penal interest of 1% is also applicable for NRE term deposits which are withdrawn prematurely after completion of the minimum period of 1 year. The penal interest for premature withdrawal shall be applicable only if the deposit has run the minimum period for the deposit to be eligible for interest. It shall be noted that the above revision is applicable for all rupee term deposit schemes, except the Bespoke Savings Deposit Scheme.
However, for the Smart Deposit Scheme, the penal interest rate structure shall continue to be as follows:
 

a.    Recurring deposits Charges If instalment not paid within due date plus grace period of 10 days ₹ 1 per ₹100 per month subject to a min of ₹ 10
b.    Premature closure of RD within 1 year of opening is ₹ 150 (Free for NRIs)

Federal Tax Saving Deposits
The term of tax savings deposit is five years commencing from the date of opening the deposit and premature withdrawal is not allowed. Auto renewal/renewal facility is not available on Tax savings deposits/Deposit plus accounts and the proceeds will be transferred to the operative account upon maturity.