8/1/2017 Double Benefit Deposit

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You are here Retail Retail-Deposit Double Benefit Deposit

Fixed Deposit Announcement Start | Stop

Short Deposit
Public Notice for Unclaimed
Quarterly Deposit Dividend

Monthly Deposit List of Wilful Defaulters

Recurring Deposit With the implementation of

Goods and Services Tax (GST),
Star Flexi Recurring Deposit the existing service tax rate of
Penalty Details
Double Benefit Term Deposit 15% has been replaced by GST
rate of 18% from July 1, 2017
Double Benefit Deposits provide a higher yield on the principal at the end of the stipulated period as the
interest is compounded on quarterly basis; but, the principal and the accrued interest is paid only at the end
of the period for which the deposit is placed with the Bank and not monthly or half-yearly as in the case of
other types of deposits. This scheme is useful for short term and medium term investment ordinarily ranging
from 12 months to 120 months.
KYC ( Know Your Customer) Norms for opening account are applicable for these accounts also hence
proof of residence and proof of identification will be required along with recent photograph of the
depositor/s

Types of Accounts
The accounts may be opened in the names of :

Individual Single Accounts

Two or more individuals Joint Accounts
Sole Proprietory Concerns
Partnership Firms
Illiterate Persons
Blind Persons
Minors
Limited Companies
Associations, Clubs, Societies, etc.,
Trusts
Joint Hindu Families (accounts of non-trading nature only)
Municipalities
Government and Quasi-Government Bodies
Panchayats
Religious Institutions
Educational Institutions (including Universities)
Charitable Institutions
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8/1/2017 Double Benefit Deposit
Period and Amount of Deposit

Deposits under Double Benefit Deposit Scheme are accepted for a fixed period from six months upto a
maximum period of 120 months. These deposits, on maturity are repayable with interest compounded on
quarterly basis. These deposits may be accepted even for periods where the terminal quarter/half year is
incomplete.

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