It is a deposit where the accrued interest is payable on Maturity along with the principal.
For Deposit interest rates click here
Maturity options available
On maturity the depositor can opt for:
- Payment of maturity amount.
- Renewal of maturity amount.
- Renewal for lower multiple of Rs 1000/- (subject to a minimum balance of Rs 10000/- in the deposit account).
- Renewal for a higher multiple of Rs 1000/- by giving a cheque for the differential amount. (Remittance should reach the company atleast one day before the date of maturity).