Navabharat Fixed Deposits
Navabharat Fixed Deposits provide guaranteed returns, liquidity through Overdrafts and or premature withdrawal. Interest can be drawn monthly or quarterly. Investment can be made today through Online or by visiting the bank branch.
Features
- Minimum period of deposit:15 days
- Maximum period of deposit: 10 Years
- Minimum Deposit :Rs.1,000 and in multiples of Rs.100 thereafter
- Maximum Deposit :No Upper Limit
- Interest on a Fixed Deposit is payable to the depositor quarterly from the date of issue; Depositors can opt for monthly interest too on discounted rate.
- Interest can also be paid at Calendar quarter basis.
- Nomination Facility is available; in favour of individuals.
- Transferable among branches
- TDS is applicable as per Income Tax (IT) Rules.
- Exemption from IT deduction can be availed as per IT Rules.
- Depositors can submit Form 150/15H to avail exemption from IT Deduction.
- Margin for Loans or ODs: 15% for Deposits with residual tenor of > 60 months.
- Margin for Loans or ODs: 10% for Deposits with residual tenor of 36 to 60m.
- Margin for Loans or ODs: 5% for Deposits with residual tenor upto 36 months.
- A deposit of >Rs.15,00,000 is classified as bulk deposit that is entitled for additional interest.
- Deposits including interest of Rs.20000 and above will not be paid in cash.
- Premature closure is allowed.
- Penalty for premature withdrawal is @1% pa. Interest will be paid 1% below the rate applicable for the period Deposit remained with the Bank or 1% below the contracted rate, whichever is lower.
- However, no interest will be paid on Deposits which remain for a period of less than 7 days.
