Axis Bank Recurring Deposits

Power of compounding Are you considering saving money a bit at a time? Axis Bank's Recurring Deposit scheme will allow you with an opportunity to build up your savings through regular monthly deposits of fixed sum over a fixed period of time.

Features

Recurring deposits are accepted in equal monthly installments of minimum Rs 1,000 and above in multiples of Rs 500 thereafter. Recurring Deposit accounts can be opened for a minimum period of 12 months and in multiples of 12 months thereafter, upto a maximum of 120 months. The amount of installment once fixed, cannot be changed . Installment for any calendar month is to be paid on or before the last working day of the month. Where there is delay in payment of installment, one can regularise the account by paying the defaulted installment together with a penalty (at present it is @ PLR plus 4 % for the period of delay).Fraction of a month will be treated as full month for the purpose of calculating the penalty. The total amount repayable to a depositor, inclusive of interest, depends on the amount of monthly installments and the period of deposit.

Fixed Deposits

The following documents are required when applying for a Fixed Deposit An Individual, Hindu Undivided Family, Sole Proprietorship Concern A valid passport or a valid driving license An introduction by any other bank or an introduction by an Axis Bank Savings Account holder for the last six months A photograph Trusts Copy of the Trust Deed Copy of the registration certificate Copy of the Resolution of The Trustees Authorising the members concerned to open and operate the account Photographs of the members operating the account Associations / Clubs Bye-laws of the Association Copy of the Resolution by the board authorising the members concerned to open and operate the account Photographs of the members operating the account Partnership Firm Partnership Deed Letter from partners approving the persons concerned to open and operate the account Photographs of the persons operating the account

Axis Bank Fixed Deposits

Fixed Deposits Safety, Security and Growth Axis Bank offers you simple reinvestment Fixed Deposits (at very competitive interest rates), which can be opened with a minimum investment of Rs 10,000. You can make additions to your deposit in multiples of Rs 1,000 each. The tenure of your deposit must be a minimum of 6 months.

Deposit Schemes

Reinvestment Deposits: In a reinvestment deposit, the interest accrued to your deposit at the end of each quarter is invested along with the principal. The tenure of your deposit must be a minimum of 6 months. At the end of the quarter, the interest and the principal are both rolled over, and the interest is calculated on the total sum. Income tax is deducted at source. Automatic Rollover: As a Fixed Deposit holder, you can avail of the facility for automatic rollovers on maturity (for both the principal and interest). You can select this option in the Account Opening Document (AOD). The options available are: Rollover only Principal: Only the principal amount will be rolled over. The interest will be either credited to your designated account or paid out. Rollover Principal and Interest accrued in Reinvestment Deposit: This will rollover both the deposit and the interest accrued for the same tenure at the interest rate applicable on the maturity date. On or before the maturity date, you can make the following changes in the rollover instructions of the deposit: Change in tenure Change in maturity instructions Change in payment instructions Change in principal (only reduced amount) Change rollover of Principal to rollover of Principal + Interest, or vice versa.

Withdrawals

All encashments or withdrawals of Fixed Deposits can only be made at the branch where the deposit was booked.

Method of calculation of interest

For deposits with tenure of 6 months & above, interest is calculated on a quarterly basis. Interest earned during the previous quarter is added to the Principal for calculation of interest. Interest on this amount is calculated every quarter. For deposits with tenure of below 6 months, interest is calculated at Simple Interest. Please note that the period of Fixed Deposit is considered in number of days. In the event the depositor chooses to receive the periodic interest payments on a quarterly basis, interested is calculated and paid on quarterly rests. On premature withdrawal of the deposit, interest shall be paid only for the period for which the deposit is maintained with the Bank and at the rate applicable for such period. Tax at source is deducted as per the Income Tax regulations prevalent from time to time.

Click here to open an FD online.

Allahabad Bank Flexi-Fix Deposit

1. Introduction:

1.1 The scheme gives maximum return without sacrificing the liquidity.

2. The Scheme:

2.1 Salient features and Rules of the Scheme are as follows :

• It is a running account consisting of multiple units of simple or compound interest fetching Term Deposit Accounts like normal Fixed Deposit or Double Deposit Plan respectively.
   
• No Term Deposit Receipt will be issued for the deposits. Instead, a specially designed pass book will be issued to the depositor, in which all the particulars regarding deposits, withdrawals, interest credit/ debit are recorded. However, the account under the scheme will be linked to a base account, which may be a Savings Bank or Current Account. For payment of interest or the maturity amount of a unit or at the time of premature withdrawal of a unit, as the case may be, the proceed thereof, net of TDS, as and where applicable, will be automatically swept to the base account for making the funds available at the disposal of the depositor/s.
   
• Under the scheme, a depositor is required to make an initial deposit of Rs.25,000/- or more in multiples of Rs.5,000/- as Fixed Deposit/ Double Deposit Plan for a fixed period of one year. Thereafter, the depositor can make any number of deposits in multiples of Rs.5,000/- each at any time in the account for a period of one year. Every Rs.5,000/- in the account will be treated as a separate unit of deposit.
   
• The depositor will be required to maintain a minimum principal outstanding of Rs.25,000/- i.e. 5 units of Rs.5,000/- each at all points of time. In case of fall in principal outstanding in the account below Rs.25000/-, the facility of further deposit of units in the account will stand withdrawn.
   
• The depositor is free to withdraw any amount of the principal in multiples of Rs.5,000/- at any time before maturity without affecting the remaining units of deposit. However, the depositor will be required to maintain a minimum principal outstanding of Rs.25,000/- i.e. 5 units of Rs.5,000/- each at all points of time, as stated hereinabove.There will be no penalty for the prematurely withdrawn units.
   
• The rate of interest for the units will be the rate prevailing on the date of deposit of the individual unit/s for the period of one year. In case of premature withdrawal of a unit, interest due, if any, will be paid net of TDS, as and where applicable, at the rate prevailing on the date of deposit of the unit for the period for which the deposit remained with the Bank No interest will be paid for premature withdrawal of a unit if the deposit remains with the Bank for a period less than 15 days. The balance units remaining in the account will continue to earn interest at the contracted rates for the individual units.
   
• Usual account opening procedures and formalities including observance of KYC and AML guidelines will be followed. In addition, a special letter for opening account under the scheme will be obtained from the depositor/s.
   
• No loan will be allowed against this deposit.

Allahabad Bank fixed deposits

		Deposit Schemes It has been decided by the Bank to revise the interest rate structure for Domestic Term Deposits for below Rs.1.00 crore with effect from 10.01.2011. The revised interest rates are as under :- Tenor Existing Interest Rate p.a. (%)  Revised Interest Rate p.a. (%) (wef 10.01.2011) For below  Rs. 1 cr For Rs.1 cr   and above. For below Rs. 1cr  For Rs.1 cr and above 7 days to 14 days 2.50 2.50 2.50 2.50 15 days to 29 days 2.75 2.75 4.00 2.75 30 days to 45 days 3.50 3.00 4.00 3.00 46 days to 60 days 4.00 4.00 5.00 4.00 61 days to 90 days 4.00 4.00 5.00 4.00 91 days to 179 days 5.50 5.75 6.00 5.75 180 days to 269 days 5.50 6.25 7.00 6.25 270 days to 364 days 6.00 6.50  7.50* 6.50 1 year to less than 2 years  7.25 7.25    8.00** 7.25 2 years to less than 3 years 7.00 6.00 8.25 6.00 3 years to less than 5 years 7.00 6.00 8.25 6.00 5 years and upto 10 years 7.25 6.00 8.25 6.00        *   Revised Rate of Interest for 300 days is 8.00%.      ** Revised Rate of Interest for 500 days is 8.30%.     The above rates will be applicable for fresh deposits and renewal of deposits and are subject to revision at any time. The interest rate for the revised AllBank  Baalika  Mangal Yojana Deposit Scheme will remain 8.56574  % p.a with quarterly rests. The rate of interest on Allahabad   Bank   Tax  Benefit   Term   Deposit Scheme will continue to be @ 8.25% p.a. Existing additional interest rate for senior citizens will   continue as per existing guidelines.     PENAL RATE OF INTEREST FOR PREMATURE WITHDRAWAL OF DOMESTIC TERM DEPOSITS Period of Deposit Amount of Deposit Penal Rate of Interest 1. Premature closure of term deposits for reinvestment in our bank Any amount No penal rate to be charged 2. 15 days and upto 1 (one) year* Any amount No penal rate to be charged 3. All others All others 1 % penal interest to be charged *The period of Deposit agreed upon at the time of making the deposit. Non Resident (External) Rupee Savings Deposit Account (NRE-SB)  Interest Rate % p.a. (unchanged since 18.11.2005) 3.50 Non Resident (External) Rupee Term Deposit Account (NRE) With effect from 01.01.2011    Period Rate % p.a 1 year to less than 2 years 2.53 2 years to less than 3 years 2.60 3 years only 3.09

Non-Resident (Ordinary) Rupee Term Deposits & Saving Bank A/c: The Interest rates of NRO deposits is at par with the Interest Rates for Domestic Deposits. Differential Rate of Interest/ Additional Rate for Senior Citizens: No Differential Rate on interest as also Additional Interest for Senior Citizens is allowed for Non-Resident Deposits as advised vide our  Instruction Circular Nos. 6942/Foreign/2001-202/03 & 8144/Foreign/2004-05/04 dt. 03.09.01 & 07.05.2004 respectively. Foreign Currency Non-Resident (FCNR (B)) Account and Resident Foreign Curency (RFC) accounts with effect from 01.01.2011 Fixed Deposit Existing Rate % p.a. (w.e.f. 01.12.2010) Revised Rate % p.a. (w.e.f. 01.01.2011)   USD GBP EUR CAD AUD USD GBP EUR CAD AUD 1 year to < 2 years 1.79 2.49 2.49 2.89 6.66 1.78 2.51 2.47 2.90 6.68 2 years to < 3 years 1.76 2.37 2.59 2.77 6.29 1.85 2.51 2.57 2.85 6.40 3 years to < 4 years 2.04 2.71 2.84 3.02 6.41 2.34 2.94 2.92 3.13 6.52 4 years to < 5 years 2.36 3.04 3.10 3.28 6.65 2.79 3.34 3.22 3.40 6.76 5 years only 2.73 3.37 3.33 3.51 6.76 3.22 3.65 3.52 3.63 6.87

The above rates are applicable to fresh deposits and for renewal of deposits only.
These rates are subject to change without notice and the depositors will be advised of the current rates on the date of deposit. The depositors may contact:
FOREIGN DEPARTMENT HEAD OFFICE

14, India Exchange Place,2nd Floor,
Kolkata-700 001.
Telephone:(033)22316703,6704,6706
FAX:(033)2231-6702.
E- MAIL ID : hofd.allbank@gmail.com; ho.foreigndept@allahabadbank.in

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Allahabad Bank Tax Benefit Term Deposit Scheme

"Allahabad Bank Tax Benefit Term Deposit Scheme" offering the benefit under Sec.80C of Income Tax Act for the depositors (Income Tax assesses).
Investment : Any amount not exceeding Rupees one lakh in a year commencing on the 1st day of April of respective years. The amount to be deposited shall be a minimum of Rupees one hundred or multiples thereof.
Types of the Deposit : Can be opened in the following types, namely : -

1. Single holder Type Deposits : Individual for himself or in the capacity of the "Karta" of a Hindu Undivided Family.
2. Joint holder type deposits : Jointly in the name of two or more persons payable to either of the holders or to the survivor. Deduction from income under section 80C of Income Tax Act shall be available only to the first holder of the deposit.

Tenure of Deposit : Five years.
Encashment option : Premature encashment is not permissible.
Rate of interest : The rate of interest on Allahabad Bank Tax Benefit Term Deposit Scheme will be @ 7.25% p.a.. w.e.f. 23.11.2009 for fresh deposits only. No additional rate of interest for Senior Citizens and Staff of the Bank.
TDS on interest : Interest is liable to tax under section 194A or section 195 of Income Tax Act, on the basis of annual accrual or receipt, depending upon the method of accounting followed by the assessee.
Pledging of the Deposit : Can not be pledged to secure loan or as security to any other asset.
Nomination : Available.
Transfer from one branch to another : The deposit may be transferred from the issuing branch to another branch but not transferable from one bank to another bank.