Opening of deposit accounts
Application for fixed/short deposits and deposits at notice is taken on Form No. 401 for individuals and Form No. 401A for non individuals.
All the deposit accounts shall be properly introduced. For all subsequent deposit, a simple Application-cum-Deposit slip is to be filled.
Period and minimum amount of different types of deposits
Minimum Period:- At present, the minimum period for a term deposit shall be 7 days for deposit amount if Rs. 100/- lakhs and above & minimum 15 days for amounts less than Rs. 100/- Lakhs.
Maximum Period:- 120 Months In special cases, say, under the order of a court or where interest of a minor is involved and in the case of institutions, government undertakings, corporate bodies to meet their special needs like creation of sinking fund/amortisation fund etc. or for individuals for any of their special needs by way of accounts opened under special recurring/cumulative deposit scheme, the deposit mmay be accepted for periods over 10 years. However, the period of deposit should not exceed 20 years.
Minimum Amount:- The minimum amount accepted for fixed/short deposit is Rs. 1,000/- for a period of 15 days and above and minimum of Rs. 100/- lakhs and above for a minimum period of 7 days.
Term deposit accounts can be opened with instructions payable to 'Either or Survivor', payable jointly, payable to any one of the depositors etc. It can be opened with instructions payable to 'Former or Survivor' or 'Former, Survivors Jointly or Last Survivor' or 'Latter or Survivor' in which case operational/payment instructions at the time of opening the account or subsequent variations, if any, in these instructions, should be signed by all the joimt depositors.
Additional documents/forms to be obtained
- PAN/GIR number or Form 60/61. Other documents by KYC norms.
- Photographs of the depositors except in case of exsisting accounts (having photographs).