Term Deposit(TD)




A term deposit is a deposit held at a financial institution that has a fixed term. These are generally short-term with maturities ranging anywhere from a month to a few years. When a term deposit is purchased, the lender (the customer) understands that the money can only be withdrawn after the term has ended or by giving a predetermined number of days notice.

Park your lump sum amount in an MDCCB Term Deposit and avail of features like guaranteed returns, choice of interest payout, liquidity through OD or premature withdrawal. Invest today by visiting our bank branch.

For Term Deposit (TD) Rate of Interest

 

Features & Benefits

Minimum Deposit
  • Rs.1000/-
Maximum Deposit
  • No Limit
Payment of Interest
  • Payment of interest at Monthly/Quarterly/Calendar quarter basis as per your requirement.
  • Payment of Monthly interest will be at discounted rate. Interest will be paid at the contracted rate irrespective of change in the rates thereafter.
Tenure
  • 7 days to 10 years.
Loan facility
  • Loans / OD upto 80% of the Principal deposit.
Nomination facility
  • Available
TDS
  • TDS at prevalent rate is deducted at source if Form 15G/15H not submitted.
Others
  • Automatic renewals will take place only where there is no maturity instructions recorded at the time of opening the Term Deposit account or any time before maturity of deposit.
Most important Terms and Conditions
  • Interest can be paid on monthly intervals on discounted rate.
  • Interest can also be paid at Calendar quarter basis.
  • TDS at prevalent Income tax rate is deducted if Form 15G/15H not submitted.
  • Auto renewal is exercised if maturity instructions are not given.
All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September 1, 2015.


SERVICES