Features:
Fixed/Term Deposit is a
deposit which is not repayable on demand (i.e. it is repayable on a fixed date
or after a period of notice.)
A time deposit is a
contract entered into by the Bank with the depositor, to pay on a fixed or
determinable future date, the amount of money deposited plus interest accrued
thereon.
Each time deposit is a
separate contract and various deposits in the name of the same depositor or in
the names of members of the same family, should not be treated as one deposit.
A time deposit receipt is
not a negotiable instrument and, therefore, cannot be transferred by
endorsement by a depositor in favour of another.
Who can open?
·
Any individual singly or
jointly with another adult,
·
A firm or company or
association.
·
An adult individual on
behalf of a minor.
Requirements:
1. Address proof by taking
taskara
2. Identification proof like
passport, voter identity card, identity cards issued by employer.
3. Introduction of existing
account holder
4. Latest photograph
Schedule of Charges:
Towards the cost of
identity card $10 will be deducted during the closure of account. This charge
will be deducted from the balance outstanding in the account and rest balance
will be paid to customer. After 3 months Bank will not deduct USD 10 for the purpose
of closing account.
Minimum Amount:
USD 100
Maximum Amount:
No Maximum limit
Maturity Period:
3 months to 60 months at
the request of account holder/s.
Rate of Interest:
Interest will be payable
once in 3 months.
AFN
1. From 3 months to less than
6 months: 2 p.a
2. From 6 months to less than
to 12 months: 2.25 p.a
3. From 1 year to less than 2
years: 2.5 p.a
4. 2 years: 2.75 p.a
USD, EURO, GBP
1. From 3 months to less than
6 months: 1.25 p.a
2. From 6 months to less than
to 12 months: 1.5 p.a
3. From 1 year to less than 2
years: 1.75 p.a
4. 2 years: 2 p.a
Rate of Interest:
To be announced from time
to time by the bank as per duration of deposits and prevalent rate as per
period shall be binding for the entire period of contract.
Premature Withdrawal:
This is allowed after the
expiry of minimum period of 30 days from the date of deposit, subject to
following conditions:
·
No interest is paid for the
deposit withdrawn prematurely before 30 days.
·
In case of deposits
withdrawn prematurely, interest is payable as per past quarter rate percent.
Other Features:
A deposit can be
auto-renewed for similar period at the prevailing rate of interest only once on
first maturity
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