Today’s small saving for a happier tomorrow.
Opt for Short Term Deposits and get multiple benefits.
Short Term Deposit
A scheme for high return on your savings, even for a short period of less than 12 months.
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Benefits
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Features
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Interest Payment
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Terms & Conditions
- An ideal option for all transitory savings to meet the requirements.
- Overdraft against deposit provided on demand up to 90% of deposit amount without any guarantor
- Loan against deposit provided on demand up to 95% of deposit amount without any guarantor
- In case of premature payment, the deposit has to run for a minimum period of three months to earn interest
- In case it has run for more than three months, interest @ 1% below the rate applicable for the period deposit has run with the banks will be paid
- Accepted as margin for non-fund based facility
- Accepted as collateral for overdrafts and loans
- Rate of interest depends on maturity period and is linked to Savings Bank Rate.
- Minimum deposit amount of Rs. 10,000
- Minimum period of deposit – 3 months
- Maximum period of deposit – 6 months
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What is a Short-Term Fixed Deposit?Deposit with tenure less than 12 months.
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Who can open it?Same eligibility as FD.
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What is the deposit and tenure?Minimum MUR 10,000, for 6 months.
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How is interest calculated?Simple interest, paid at maturity.
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What about premature closure?Allowed with 1% penalty.
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Loan/Overdraft against Short Term Fixed Deposits?Yes, up to 95% of deposit, 3% above deposit rate.
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Can it be used for non-fund facilities?Yes, as margin for Letters of Credit or Bank Guarantees.
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When is interest paid?On maturity.
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What are the interest rates?3.30% to 3.35% depending on tenure.
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How to open?Use Account Opening Form and paying-in slip.
