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.