Fix Deposits – Kankaria Maninagar Nagrik Sahakari Bank Ltd

Minimum period:- 7 days
Maximum period : – 60 months
Minimum amount:- The minimum amount accepted for fixed/short deposit is Rs.1,000/-.
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.
Deposit accounts of minors
Higher rate of interest to Senior Citizens
An additional rate of interest @ 0.50% on the Term Deposits (including Recurring Deposits and Term Deposits for period above 19 months ) of senior citizens resident in India who has completed the age of 60 years.
We are member of Deposit insurance and Credit Guarantee Scheme in which customers deposits are insured up to Rs. 5.00 Lac.

i) An application from the depositor is to be given.
ii) Applicants must be properly identified.
iii) An indemnity bond is to be obtained in the prescribed form in all cases.
iv) One or two surety/ies considered good for the amount involved, must execute the indemnity along with the depositors.
v) If the deposit is renewed for a further period of at least 12 months or where the depositors maintain other well conducted accounts. At the discretion of bank.Deduction of Income Tax at source from payment of interest on time deposits (Section 194A of Income Tax Act 1961) (Sec.194A)
The Income Tax Act has been amended w.e.f. 1st July 1995 and as per provision of the Income Tax, TDS is applicable in case of Time deposits made from 1st July 1995 and onwards.

i) Income tax is to be deducted in cases where the total interest paid or credited on all time deposits with a branch in the name of a depositor, whether singly or jointly (as first named person) exceeds 40,000/- in a financial year for individual and 50,000/- senior citizen.
ii) Tax is to be deducted either at the time of credit to the account or payment of interest to the depositor whichever is earlier.
iii) In case the depositor submits following Form before end of June every year, no tax may be deducted.
iv) Non-corporate customers other than Senior Citizens – Form No.15G along with PAN (w.e.f. July 2012)
v) Senior Citizens i.e. individuals of the age of 60 years or more – Form No.15H along with PAN (w.e.f. July 2012)
vi) Department has made it mandatory to quote Permanent Account No. (PAN) by deductees in all cases where TDS is applicable, failure of which would attract the TDS at a higher rate of 20% (against normal rate of 10%) or normal rate whichever is higher. Further it has also been made compulsory to mention PAN on form No.15G / 15H w.e.f. July 2012.

1) Duly discharged fixed/short deposit receipt along with request for renewal.
2) Where receipts are held in safe custody or where only acknowledgement is issued in lieu of the deposit receipt, discharge not required.
3) Where receipts are lodged with the government departments, as security in lieu of earnest money etc. and the concerned authorities are not willing to part with them, amount of the deposit is renewed for a further period without production of deposit receipt following the procedure detailed hereunder:-
i) Letter of request to be given in prescribed format.
ii) New receipt will be issued.
iii) Renewal of the deposit will be advised by a registered letter to the concerned government department, under advice to the depositor.
iv) Where an advance is granted against a deposit, the relative receipt should be discharged by all the parties.

Deposit receipt/s duly discharged by all the depositors (on revenue stamp in case of cash payment up to ` 20,000/-) with clear payment instructions is to be given.
The amount of maturity value in case of deposit under cumulative deposit scheme, and the principal amount along with the residual interest, if any will be paid by:
i) Credit of depositors account with the Bank.
ii) Credit of depositors account with any other Bank through NEFT / RTGS.
iii) Issuance of DD / Bankers Cheque as per instruction of the depositor.

a) Valid Passport
b) PAN Card
c) Driving Licence
d) Voters ID Card
e) Defence ID Card
f) Identity Card of employees of central / state Govt. & Public Sector Undertakings.
g) Senior Citizen’s Card.

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