 |
Interest shall be paid
on Saving Account at the rate specified by Reserve Bank of India directive
from time to time. Interest at 3.5% p.a. is presently paid at quarterly
rests based on the minimum balance in the account between the 10th
and the last day of the month. |
|
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. |
|
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 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. |
| |
|
