|
|
| - Deposits kept with banks for a fixed period, few weeks to few years. Fixed deposit receipts are issued as proof of your investment
- Deposits can be made with all Public sector, private sector, foreign, cooperative banks
- Minimum deposits varies from bank to bank, no maximum limit
- Interest and principals paid at the end of the period of deposit. Some bank have facility to pay interest every month or every quarter
- Interest can be calculated monthly, half yearly, or annually and varies across banks
- Can be opened in the name of minor, individual, singly or jointly
- Comes with various products category by different banks
- FD receipts are not transferable
- Some banks insist you maintain a saving banks accounts with them to operate FD accounts
- Safety: Fairly safe as banks are regulated by Reserve Bank of India. Rs one lakh per depositor is automatically insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC)
- Liquidity: Deposits are relatively liquid, can be prematurely withdrawn with some interest sacrifice. Loans upto 90% can be availed against deposits receipts
- Capital Appreciation: No capital appreciation or depreciation, your initial deposit amount will remain same at the end of the tenure of deposit
- Returns: Rate of interest not vary attractive vis-à-vis other investment avenues. Real returns taking into account the inflation, can be very low. Rates varied from bank to bank and time to time
- Tax benefits: Interest income from fixed deposits are liable for income tax
- SBI deposit for one year
- Rate of interest offered 7% per annum
- Interest compounded quarterly
- Rs 1000 FD for one year become Rs 1072 at the end of the year
- The interest income of Rs 72 is taxable for income tax
- One can use interest calculator freely available on internet
- Accounts opening form of the bank
- Latest passport size photograph
- Cash to be deposited or Self Cheque
- An Identity proof (Passport / Voter ID / Employee ID / Driving License / PAN card / Photo credit card)
- An Address proof (Latest bank a/c statement / Credit card statement / Electricity bill / Telephone bill / allotment letter from employer / House lease agreement)
- Lost FD receipts- Apply for a duplicate receipt. An indemnity bond need to be signed in the bank’s prescribed formats
- Death of the FD holder- Nominee is entitled for the proceeds. In the case where no nomination has been made the bank may require the executor or administrator of the deceased person or holder of the succession certificate
- In case of any complaint, the matter may be first brought to the notice of concerned branch manager for immediate redressal. If the complaint is not redressed to the satisfaction of the customer, the matter may be taken up with the Regional Manager/Zonal Manager concerned. If the complainant still feels unsatisfied with the responses received, he can address his complaint to the Bank’s Nodal Officer designated to deal with the customer’ complaints/grievances giving full details of the case.
- In case any complaint is not redressed to the satisfaction of the complainant within 30 days by the bank concerned, a complaint can be lodged with Banking Ombudsman of the respective area. The Banking Ombudsmen are appointed by the Reserve Bank of India for redressal of customer services related grievances, including those relating to credit card complaints. The names and addresses of the banking ombudsman area as under.
| Sl.
No. | Centre | Contact details of the Office
of Banking Ombudsman | Area of Operation | | 1. | Ahmedabad | Shri K Chandrachoodan
C/o Reserve Bank of India
La Gajjar Chambers,
Ashram Road,
Ahmedabad-380 009
Tel.No.079- 26582357,
079-26586718
Fax No.079-26583325 | Gujarat, Union Territories of Dadra and
Nagar Haveli, Daman and Diu | | 2. | Bangalore | Shri M Palanisamy
C/o Reserve Bank of India
10/3/8, Nrupathunga Road
Bangalore-560 001
Tel.No.080-22210771,
080-22275629
Fax No.080-22244047 | Karnataka | | 3. | Bhopal | Shri T. Karunakaran
C/o Reserve Bank of India
Hoshangabad Road,
Post Box No.32,
Bhopal-462 011
Tel.No.0755-2573772,
0755-2573776
Fax No.0755-2573779 | Madhya Pradesh and Chattisgarh | | 4. | Bhubaneswar |
C/o Reserve Bank of India
Pt. Jawaharlal Nehru Marg
Bhubaneswar-751 001
Tel.No.0674-2396207,
0674-2396008
Fax No.0674-2393906
| Orissa | | 5. | Chandigarh | Shri Lalit Srivastava
C/o Reserve Bank of India
New Office Building
Sector-17, Central Vista
Chandigarh-160 017
Tel.No.0172-2721109,
0172-2721011
Fax No.0172-2721880 | Himachal Pradesh, Punjab and
Union Territory of Chandigarh | | 6. | Chennai | Shri A. Madasamy
C/o Reserve Bank of India,
Fort Glacis,
Chennai 600 001
Tel No.044-25399170,
044-25395964
Fax No.044-25395488 | Tamil Nadu, Union Territories of Pondicherry and
Andaman and Nicobar Islands | | 7. | Guwahati |
C/o Reserve Bank of India
Station Road,
Pan Bazar
Guwahati-781 001
Tel.No.0361-2542556,
0361-2540445
Fax No.0361-2540445
| Assam, Arunachal Pradesh, Manipur, Meghalaya,
Mizoram, Nagaland and Tripura | | 8. | Hyderabad | Shri M. Sebastian
C/o Reserve Bank of India
6-1-56, Secretariat Road
Saifabad,
Hyderabad-500 004
Tel.No.040-23210013,
040-23243970
Fax No.040-23210014 | Andhra Pradesh | | 9. | Jaipur | Shri P Vijaykumar
C/o Reserve Bank of India,
Ram Bagh Circle,
Tonk Road, Post Box No.12,
Jaipur-302 004
Tel.No.0141-2570357/0141-2570392
Fax No.0141-2562220 | Rajasthan | | 10. | Kanpur | Smt Madhavi Sharma
C/o Reserve Bank of India
M.G. Road, Post Box No.82
Kanpur-208 001
Tel.No.0512-2361191/0512-2310593
Fax No.0512-2362553 | Uttar Pradesh (excluding District of Ghaziabad)
and Uttaranchal | | 11. | Kolkata | Shri V Vasnthan
C/o Reserve Bank of India
15, Nethaji Subhas Road
Kolkata-700 001
Tel.No.033-22306222/033-22305580
Fax No.033-22305899 | West Bengal and Sikkim | | 12. | Mumbai | Shri O P Aggarwal
C/o Reserve Bank of India
Garment House,
Ground Floor,
Dr. Annie Besant Road,
Worli, Mumbai-400 018
Tel.No.022-24924607/022-24960893
Fax No.022-24960912 | Maharashtra and Goa | | 13. | New Delhi | Shri H Kulshreshtha
Banking Ombudsman
Reserve Bank of India Building
2nd Floor, 6, Sansad marg
New Delhi - 110001
TelNo. 011-23725219/23710882
/23725445
Fax No. 011-23725218 | Delhi, Haryana, Jammu and Kashmir
and Ghaziabad district of Uttar Pradesh | | 14. | Patna | Shri Murari Swarup
C/o Reserve Bank of India,
South Gandhi Maidan,
Patna-800 001
Tel.No.0612-2322569/2323734
Fax No.0612-2320407 | Bihar and Jharkhand | | 15. | Thiruvananthapuram | Smt Suma Varma
C/o Reserve Bank of India
Bakery Junction
Thiruvananthapuram-695 033
Tel.No.0471-2332723/0471-2329676
Fax No.0471-2321625 | Kerala and Union Territory of Lakshadweep | | Sl No | Public Sector Banks | Head Office Address | Web Site | | | 1 | Allahabad Bank | Head Office 2, Netaji Subhas Road Kolkata-700 001 | | | | 2 | Andhra Bank | Head Office, Dr. Pattabhi Bhavan 5-9-11, Saifabad Hyderabad-500 004 | | | | 3 | Bank of Baroda | Head Office, Suraj Plaza No.1 6th Floor, Sayajigunj, Maganwadi Baroda-390 005 | | | | 4 | Bank of India | Head Office
Star House, C-5, G Block
Bandra Kurla Complex
Bandra (E)
Mumbai-400051
| | | | 5 | Bank of Maharashtra | Lokmangal, 1501, Shivaji Nagar Pune-411 005 | | | | 6 | Canara Bank | Head Office, 112, J C Road Bangalore-560 002 | | | | 7 | Central Bank of India | Central Office 4th Floor. Chander Mukhi Nariman Point Mumbai-400 021 | | | | 8 | Corporation Bank | Head Office Mangaladevi Temple Road Pandeshwar Mangalore-575 001 | | | | 9 | Dena Bank | Head Office Maker Tpwers ‘E’, 10th Floor, Cuffe Parade Colaba, Mumbai-400 005 | | | | 10 | IDBI Ltd. | IDBI Tower
WTC Complex
Cuffe Parade
Mumbai - 400005 | | | | 11 | Indian Bank | Central Office, 31, Rajaji Salai Chennai-600 001 | | | | 12 | Indian Overseas Bank | Central Office 762-764, Anna Salai Chennai-600 002 | | | | 13 | Oriental Bank of Commerce | Harsha Bhavan
E Block
Connaught Place
New Delhi-110001 | | | | 14 | Punjab & Sind Bank | Punjab & Sind Bank 2239 Gurudwara Road Karol Bagh New Delhi-110 005 | | | | 15 | Punjab National Bank | Rajendra Bhawan, 2nd Floor Rajendra Road New Delhi-110 008 | | | | 16 | State Bank of Bikaner & Jaipur | Head Office Tilak Marg, C Scheme Jaipur-302 005 | | | | 17 | State Bank of Hyderabad | Head Office Hybank Towers Gunfoundry Hyderabad-500 001 | | | | 18 | State Bank of India | Central Office, 14th Floor Madame Cama Road Nariman Point Mumbai-400 021 | | | | 19 | State Bank of Indore | Head Office 5, Yashwant Nivas Road Indore-452 003 | | | | 20 | State Bank of Mysore | Head Office Kempegowda Road Bangalore-560 009 | | | | 21 | State Bank of Paitala | Head Office The Mall Patiala-147 001 | | | | 22 | State Bank of Tranvancore | Head Office New Administrative Complex Poojapura Thiruvanthapuram-695 012 | | | | 23 | Syndicate Bank | Head Office Manipal-576 119 | | | | 24 | UCO Bank | Head Office 16A, B.T.M. Sarani Kolkata-700001 | | | | 25 | Union Bank of India | Planning & Development Dept. Central Office 239, Vidhan Sabha Marg Nariman Point Mumbai-400 021 | | | | 26 | United Bank of India | Head Office 16, Old Court House Street Kolkata-700 001 | | | | 27 | Vijaya Bank | Head Office 41/2, M G Road Trinity Circle Bangalore-560 001 | | | | Sl No | Private Sector Banks | | Web Site | | 1 | Axis Bank Ltd | | | | 2 | Bank of Rajasthan Ltd | | | | 3 | Catholic Syrian Bank Ltd | | | | 4 | City Union Bank Ltd | | | | 5 | Development Credit Bank Ltd | | | | 6 | Dhanalakshmi Bank Ltd | | | | 7 | Federal Bank Ltd | | | | 8 | HDFC Bank Ltd | | | | 9 | ICICI Bank Ltd | | | | 10 | IndusInd Bank Ltd | | | | 11 | ING Vysya Bank Ltd | | | | 12 | Jammu and Kashmir Bank Ltd | | | | 13 | Karnataka Bank Ltd | | | | 14 | Karur Vysya Bank Ltd | | | | 15 | Kotak Mahindra Bank Ltd | | | | 16 | Lakshmi Vilas Bank Ltd | | | | 17 | Nainital Bank Ltd | | | | 18 | Ratnakar Bank Ltd. | | | | 19 | SBI Commercial and International Bank Ltd | | | | 20 | South Indian Bank Ltd | | | | 21 | Tamilnad Mercantile Bank Ltd | | | | 22 | Yes Bank Ltd | | | | |
|
|
|
|
|