Cancelation / Refund Policy
Payment of interest on pre-mature withdrawal of term deposit w.e.f. 01.03.2012
The interest rate subject to early payment without penalty shall be the rate calculated on the day of receipt of the deposit (i.e. the date of the contract) for the time for which the deposit currently resided with the bank or the lower contract rate. If the following conditions are met, the penalty is waived.
- Deposit face value does not surpass Rs.5/- lacs
- The deposit stayed with the bank for at least 12 months. Interest will be paid after a premium of 1% has been deducted from the rate in operation or from the rate agreed, whichever is smaller, in situations where the interest is levied. I.e. Deposit not fulfilling any of the requirements mentioned above
In addition, the waiver is permitted where
- The deposit is extended for a term not less than the period which has not expired.
- The deposit is paid in deceased accounts of nominee/legal heirs/claimants. In this situation, interest is charged at the applicable rates at which the deposit has already been made.
Term deposit pre-payment in accordance with the discretion of the Bank, Rs. one crore and above for any period will be permitted.
Mode of redemption of deposits on schedule
As far as Income Tax Act, 1961 as corrected, where total measure of all stores repayable after notification or repayable after a period (i.e. all time deposits including matured time deposits) held by an individual independently or mutually with others at their wallet along with interest to be paid on such deposits (for example barring interest previously paid) , the reimbursement will be made by methods for by crediting their wallet record of such investor.