MIS
Monthly Income Scheme is a scheme in which you invest a certain amount and earn a fixed interest every month.
Rate of Interest on Term Deposits wef 4Th May 2020 as per WBSCB Ref No HO/MD/DGM(A&B)/129 dtd 24th April2019
| For MIS Individual for 3 Years | Existing | Rate |
| | Less than | Rs 1 Cr |
| | Rs 1 Cr | & Above |
| For common people | 5.90 | 4.25 |
| For Senior Citizens | 6.15 | 4.25 |
- Saving Account required for opening RD Account
- Nomination facility available
- PAN Card Required compulsory
- Monthly Interest will be credited to Saving Account.
- Acceptance of deposits/renewal of deposits of Rs 1 Cr and above is at the discretion of Bank’s authority.
- TDS will be deducted on the interest earned during the financial year on the total amount of deposits held by customers in the Bank as a whole and not on individual deposits held.
- Form 15G/H are forms which customers can submit to make sure TDS is not deducted on income from interest, if the customer meets the applicable conditions u/s 197A of the Income-tax Act, 1961
- Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposit upto 5 Lakhs
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