Floating Rate Term Deposits
Introducing a new variant of term deposit - Floating Rate Term Deposit (FRTD) scheme for resident individuals. As the name suggests, rate of interest of the floating rate term deposit is not fixed for the entire tenor of the deposit, but moves in tandem with a reference rate which is periodically reset. The reference rate for our floating rate deposit scheme is Repo rate.
- Who can Apply ?
- Interest Rates
- Premature Wlthdrawal
- Deposits are accepted for period of 3 years and up to a maximum of 5 years.
- The minimum deposit amount accepted under the scheme is Rs. 1 lac.
- No upper ceiling for the amount of deposit.
- You can avail a loan/overdraft against term deposit up to 90% of deposit amount including accrued interest.
- Any individual either singly or jointly with others, a natural / legal guardian on behalf of a minor, Hindu Undivided Families, Trusts, companies, firms are eligible to participate in the scheme.
|Premature Closure timing||Premature penalty|
|Less than 3 years from the opening/ renewal date||2.00% from the rate applicable for similar floating rate term deposit for 3 years, ruling as at the date of opening/ renewal of the deposit.|
| 3 years and above from the opening/ renewal date |
|1.00% from the rate applicable for a similar floating rate term deposit for the completed period, ruling as at the date of opening/ renewal of the deposit.|
- Premature penalty is applicable to all deposits under the scheme, irrespective of the amount.