Deposit scheme

Deposits Scheme

Monthly Investment plan & Term deposits

Various Types of Term Deposit

Fixed deposit

Fixed Deposit Acount

Simple Rate of interest is paid on the invested Principal amount and interest is credited to Saving / Current Account monthly / Quarterly / half yearly / yearly basic.

Monthly deposit

Monthly Investment Plan (MIP)

Monthly interest is paid at discounted rate. It helps the retired / senior citizens for a regular source of monthly income.

Double benefit scheme

Double Benefit Scheme

Cumulative interest is paid on the invested amount. Depositors can plan their investment according to period of maturity ranging from 1 year to 10 years.

BCCB Tax Saver Scheme

BCCB Tax Saver Scheme (DBD & FDR)

An Individual or a Hindu Undivided Family (HUF) can deposit upto Rs. 1,50,000/- and can claim deduction from Gross Total Income under Section 80C of Income Tax Act.

Recurring Deposit

1.A. Recurring Deposit Account can be opened in the name of

  • Individual as single account
  • Two or more individuals as joint account.
  • Sole proprietary concern
  • Partnership firm/ LLP
  • Illiterate person
  • Blind person
  • Minor
  • Limited Company
  • Association, club, society, trust etc.

B. Recurring Deposit can be opened in the name of minor duly represented by the mother, father or guardian on the declaration of the Minor’s Date of Birth and giving proof of date of birth. The right of operation and account mother/father /guardian will cease on minor becoming major.

2. Minimum installment accepted is `100/- and in multiples thereof. Minimum period of deposit is 12 months and maximum period of deposit is 120 months.

3. Rate of interest payable on recurring deposit account is an per prevailing rate of term deposit on the date of account opened.

4. Monthly installment has to be paid within the stipulated month.

5. Recurring Deposit account matures on one month after the last installment payable or paid whichever is later.

6. At the discretion of the Bank, advances against Recurring Deposits may be allowed on the security of the balance amount in the account and upto 75% of the balance amount in the account. Rate of interest for advance will be charged 1% more than the rate of interest payable on the recurring deposit or as decided by Bank from time to time as per instruction of Reserve Bank of India. In case of loan against multiple deposit, weighted average interest rate will be charged.