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| Deposit Products - Term deposit |
- Accepted from Residents and Non - Residents with different rates of interest for different terms of period.
- Accepted both in Canadian Dollars and US Dollars.
- Term Deposits issued in the form of non-redeemable as well as encashable deposits.
- Minimum Deposit: $2000
- Minimum Period: one year (Amount exceeding $100,000 are accepted for periods of 15 days and above)
- Interest application: Interest is paid/compounded annually***
- Premature Encashment: Permitted for encashable Term Deposits.However, before the expiry of six months, only the principle amount will be refunded to the depositor.In the remaining cases interest will be paid at the encashable term deposit rate applicable to the period for which the deposit has run with a penalty of 50 basis point except that in case of deposits run for less than one year, the applicable rate will be one year term deposit rate.
- With-holding Tax: With-holding tax is recovered at applicable rate where interest is paid to non resident depositors and the deposit is in Canadian Dollars.
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BUSINESS CHECKING ACCOUNTS:
- Currency of Deposit: CAD and USD
- Minimum amount: CAD 2000/ USD 1500
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Please contact your nearest branch for the details of account opening forms. |
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NEWS
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