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The Bank on request from the depositor,
will allow withdrawal of term deposit before completion of the period of
the deposit as per terms agreed upon at the time of placing the deposit.
Partial withdrawal is not allowed for term deposits booked under preferential
rates.
The Interest rate applicable for premature closure will be lower of:
- The base rate for the original /contracted tenure for which the deposit
has been booked OR
The base rate applicable for the tenure for which the deposit has been
in force with the Bank.
The base rate is the rate applicable to deposits of less than Rs.1 Cr as
on the date of booking the deposit.
For deposits > 5 Crs, the base rate is the rate applicable for 5 Cr deposits
as on the date of booking the deposit.
For such premature withdrawals, including sweep-ins and partial withdrawals,
the Bank will levy a penalty of 1%, on the applicable rate.
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