Encash 24 Flexi Deposit

Fixed Deposit is linked to an existing Savings Account which facilitates automatic transfers in multiples of Rs. 5,000 to a fixed deposit when the balance in the Savings Account crosses Rs. 25,000

6 months only

• For Rupee Term Deposits of a contracted amount less than Rs 5 Crores opened/renewed on or after May 1, 2014 (including Flexi deposits), interest rate shall be 1.00% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1.00% below the contracted rate, whichever is lower. However, for Rupee Term Deposits closed within 14 days from the date of booking of the deposit, interest rate shall be rate applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower.
• For Rupee Term Deposits of a contracted amount less than Rs. 5 crores opened/renewed on or after December 15, 2017 (including Flexi deposits), for the first partial withdrawal with value <= 25% of Term Deposit original principal value, Premature Closure Penalty Rate will not be applicable. For subsequent partial withdrawals, Premature Closure Penalty Rate will apply on the entire withdrawal amount. For the partial withdrawal with value > 25% of Term Deposit original principal value, Premature Closure Penalty Rate will be applicable for the entire withdrawal amount. However, for Rupee Term Deposits closed within 14 days from the date of booking of the deposit, interest rate shall be rate applicable for the period the deposit has remained with the bank or the contracted rate, whichever is lower.
• For Rupee Term Deposits of a contracted amount of Rs 5 Crores and above, interest rate shall be 1% below the card rate prevailing as on the date of deposit, as applicable for the period the deposit has remained with the bank or 1% below the contracted rate, whichever is lower. This would also be applicable on Rupee Term Deposits closed within 14 days from the date of booking of the deposit.
• There would be no premature withdrawal penalty on NRE Term Deposits.

• Money in the fixed deposit can be accessed easily via a cheque or ATM withdrawals
• This amount is automatically reverse swept from the most recently formed Fixed Deposit in units of Rs 5,000 to the Savings account whenever the Savings Account balance falls below Rs 25,000
• The amount broken from the Fixed Deposit will earn interest rates at the applicable rate for the period that the deposit was held with the Bank
• The remaining amount of Fixed Deposit will continue to earn the contracted rate of interest

Upto a maximum of 5 years from a minimum of 6 months

Tax at source is deducted as per the Income Tax regulations prevalent from time to time

• TDS in respect of interest earned on fixed deposits, is deducted on the basis of the total interest projected on the aggregate of fixed deposits of the customer, for the financial year.
• If the total projected interest in a financial year crosses the threshold limit (currently Rs.10,000/-), TDS is deducted proportionately from the existing fixed deposits at the time of interest application. This is in accordance with Section 194 A 3 (i) (a) of the Income Tax Act. For any further clarifications, please contact the base Branch.

For all new Reinvestment Term Deposits to be opened on and after 1st August, 2013 and all existing Reinvestment Term Deposits that may be renewed on and after 1st August, 2013, interest reinvested would be net of TDS and hence the maturity value would vary to that extent.