Basic Of Fixed Deposit:

• Term deposit scheme is an attractive scheme to deposit your savings for fix period for 15 days to 130 Months as per your future requirements.
  We provide attractive Interest Rates to our Customers from time to time.
• We offer 0.50% extra Interest Rate to Senior Citizens on term deposits of above 1 year.
• Guardian can open Minor’s Term deposit A/c. When minor turns major then at maturity he/she can withdraw the amount with his/her signature, after providing valid age proof.
• We offer nomination facility for all deposit accounts.
• We provide Monthly & quarterly Interest payment to our customers on their existing Fix Deposits as per their instruction & RBI guidelines.
• Loan and Overdraft facility is available against Term deposit receipt.
• The maturity date of Loan and Overdraft Account against Fix Deposit is maturity date of Fix Deposit Receipt.
• TDS on Interest income will be deducted as per Income Tax Act.
• We are member of Deposit Insurance and Credit Guarantee Scheme [DICGC] in which customers deposit are insured up to Rs. 1 Lac.

Rules & Regulation For Recurring Deposit

• Depositor has to fulfill KYC norms as per RBI directive.
• Customer can Open Fix Deposit A/c with minimum of Rs.500/-
• Guardian can open Minor’s Fix Deposit A/c. When minor turn major then after providing valid age proof he/she can withdraw the amount with his/her signature.
• No penalty charges in premature withdrawal of deposit.
• All rights reserved to the Bank’s management to Change the Interest Rate of the Fix Deposit Scheme without prior notice. Change of Interest rate will be applicable to new deposits only.
• The Bank having rights of appropriation, set off, lien and change the rules and regulation for the scheme.

Requirements To Open Recurring Deposit

1. 1. Valid Photo I.D. & Address Proof
   2. Other proof acceptable by Bank.
   3. Passport Size Photograph – 2 Copies
   4. Pan Card
   5. Birth Certificate for minor account
   6. Introduction From Existing account Holder

• The Mahalaxmi Deposit  This account is designed to encourage regular savings and provides customers with a safe and convenient way to save money while earning interest on their deposits.
• Features of the Mahalaxmi Deposit Account typically include:
• Minimum Balance Requirement: There is usually a minimum balance requirement to open and maintain the account. This requirement can vary depending on the bank’s policies.
• Interest Rate: The account earns interest on the deposited amount, with the interest rate determined by the bank. This rate may vary over time and is usually calculated on a daily or monthly basis.
• Withdrawal Facility: Account holders can withdraw money from their Mahalaxmi Deposit Account as needed. However, there may be restrictions on the frequency and amount of withdrawals, as well as charges for withdrawals below a certain threshold.
• Passbook: Customers typically receive a passbook or statement that records all transactions, including deposits, withdrawals, and interest earned, for easy tracking of their savings activity.
• ATM Card: Some banks may offer an ATM card linked to the Mahalaxmi Deposit Account, providing convenient access to funds from ATMs and for making purchases at merchants that accept card payments.
• Nomination Facility: Account holders may have the option to nominate a beneficiary who will receive the funds in the event of their demise.
• Online Banking: Many banks provide online banking services, allowing customers to manage their Mahalaxmi Deposit Account remotely, check balances, transfer funds, and more.

• A Compulsory Deposit Account (CDA) is a type of bank account that is mandated by the government or regulatory authorities. It is usually established to enforce savings discipline among certain groups of people or to address specific economic objectives.
• Here’s some key information about Compulsory Deposit Accounts:
• Mandatory Nature: As the name suggests, these accounts are mandatory, meaning individuals or entities are required by law to open and maintain them.
• Purpose: CDAs are typically established for specific purposes outlined by the government or regulatory bodies. These purposes can vary widely, ranging from promoting savings habits among citizens to managing liquidity in the banking system.
• Targeted Groups: CDAs often target specific groups of individuals, such as employees in certain industries, beneficiaries of government welfare programs, or members of particular professions. The goal is to ensure that these groups save a portion of their income or funds for a specific period.
• Deposit Amount and Period: The required deposit amount and the duration for which the funds must remain in the account are usually stipulated by law or regulation. These terms can vary depending on the objectives of the CDA and the targeted group.
• Interest and Accessibility: CDAs may or may not earn interest on the deposited funds, depending on the regulations governing them. Additionally, access to the funds may be restricted or subject to penalties if withdrawals are made before the specified maturity date.
• Enforcement and Penalties: Governments or regulatory authorities typically enforce compliance with CDA requirements. Penalties may apply for failure to open or maintain the account, or for early withdrawal of funds.
• Economic Impact: CDAs can have various economic impacts, depending on their objectives. For example, they can help mobilize savings, stabilize the financial system, or fund specific government initiatives.