Short Term Deposit of Bank Asia

Short Term Deposit of Bank Asia

• Minimum deposit amount of Rs.1000/-
• Minimum period of deposits – 7 days
• Maximum – less than 12 months. ( period of 7 days to 14 days – applicable for deposits of Rs. 15 lacs and above)
• For opening of the account – two passport size photographs, documents relating to proof of residence, and introduction from a person known to the Bank (bank’s customer/ existing account holder) are required.
• Rate of interest depends on maturity period.
• An additional interest @ 0.50% for Senior Citizens against their deposits of Rs. 10,000/- and above.
• Interest payment is subject to Tax Deducted at source(TDS) as per prevailing Income Tax ACT.
• However, tax is deducted at source (TDS) on deposits that earn interest more than Rs.10,000/- per year.