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Interest shall be paid
on saving account at the rate specified by Bank from time to time,
basis the current Reserve Bank of India directive on de-regulation
of SB interest rate. Interest will be paid on daily product basis
at half yearly rests effective April 1, 2010. |
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In terms of Reserve Bank of India
directives, interest shall be calculated at quarterly intervals on
term deposits and paid at the rate decided by the Bank depending upon
the period of deposits. In case of monthly deposit scheme, the interest
shall be calculated for the quarter and paid monthly at discounted
value. The interest on term deposits is calculated by the Bank in
accordance with the formulae and conventions advised by Indian Banks'
Association. |
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The rate of interest on deposits will
be prominently displayed in the branch premises. Changes, if any,
with regard to the deposit schemes and other related services shall
also be communicated upfront and shall be prominently displayed.
The Bank computes interest based on the actual number of days in a
year. In case, the Deposit is spread over a leap and a non-leap year,
the interest is calculated based on the number of days i.e.,366 days
in a leap year & 365 days in a non leap year. |
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The Bank has statutory obligation
to deduct tax at source if the total interest paid / payable on all
term deposits held by a person exceeds the amount specified under
the Income Tax Act. The Bank will issue a tax deduction certificate
(TDS Certificate) for the amount of tax deducted. The depositor, if
entitled to exemption from TDS can submit declaration in the prescribed
format at the beginning of every financial year. |
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