DIFFERENT TYPES OF ACCOUNTS
Social Security Schemes
Term Deposit Account
Minimum Period:- At present, the minimum period for a term deposit shall be 7 days for deposit amount if Rs. 100/- lakhs and above & minimum 15 days for amounts less than Rs. 100/- Lakhs.
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.
Minimum Amount:- The minimum amount accepted for fixed/short deposit is Rs. 1,000/- for a period of 15 days and above and minimum of Rs. 100/- lakhs and above for a minimum period of 7 days.
- PAN/GIR number or Form 60/61. Other documents by KYC norms.
- Photographs of the depositors except in case of existing accounts (having photographs).