Friday, December 7, 2018

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.

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