1. Opening of TERM deposit accounts
An existing customer who has complied KYC norms revised as time to time may open term deposit account with the bank subject to other term and conditions specified by the bank/RBI. A new customer can also open term deposit account with the bank but after fulfilling the KYC norms and other term and conditions specified by the bank/RBI
2. Period and minimum amount of different types of deposits
Minimum period and deposit:-
At present, the minimum period for a term deposit shall be 7 days and deposit amount Rs.1000/-.
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 may be accepted for periods over 10 years. However, the period of deposit should not exceed 20 years.
3. Operational instructions
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 also 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 joint depositors.
4) Additional documents/forms to be obtained
(PAN/GIR number or Form 60 /61. Other documents as per KYC norms.
Photographs of the depositors except in case of existing accounts (having photographs)
© The Chandigarh State Cooperative Bank Limited Chandigarh,2014