Term Deposit

A Term Deposit, commonly known as a Fixed Deposit (FD), is a popular savings instrument offered by banks wherein customers deposit a lump sum amount for a fixed period at a predetermined interest rate. This arrangement ensures that the deposited funds grow steadily over time, making TDs an attractive option for those seeking stability and assured returns on their savings. Opening a Term Deposit account is a straightforward process at The Vaish Cooperative Adarsh Bank Ltd.

Features:

➤ All Resident Indians (Individuals/ Sole Proprietor/ Partnership/ Company/ Trust/ HUF etc) can open the Account.
➤ Minimum Deposit amount is Rs.1000/-
➤ Deposits can be made for a maximum of 10 years.
➤ Interest can be withdrawn at monthly/Quarterly/half yearly/yearly intervals.
➤ Depositor can earn a higher rate of interest with Quarterly Compounded.
➤ Term Deposit will be automatically renewed @ROI prevailing on the due date of the Term deposit if no instruction from the depositor is received upto due date.

DOCUMENTS TO BE SUBMITTED

The Vaish Cooperative Adarsh Bank Ltd.

S.No

Category

Documents required

1.
  • Applicable to all authorized signatories :
    Identity & address proof
  • 1) Photographs of persons authorized to operate the accounts.
  • 2) KYC Documents (any two out of the following):
  • a) Aadhar - The letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar Number.
  • b) Passport
  • c) Driving Licence
  • d) Voter’s Identity Card issued by Election Commission of India.
  • e) Job card issued by NREGA duly signed by an officer of the State Government,
  • f) Permanent Account Number (PAN) card.

2.
  • Sole Proprietary Concern :
  • Copy of any registration certificate like registration under shop & establishment, PAN, TIN, VAT etc. and KYC of sole proprietor.

3.
  • Partnership Firm :
  • 1) Partnership Deed (Registered or Un registered), Copy of certificate issued by Registrar of Firms.
  • 2) If not registered – Declaration by all the partners that partnership deed has not been registered.
  • 3) Official Identification Number: e.g. Sales/ Income Tax Number, PAN, VAT, TIN etc.

4.
  • Hindu Undivided Family (HUF) :
  • Letter signed by all co-parceners with specific name of Karta, Copy of any registration certificate like registration under shop & establishment, PAN, TIN, VAT etc.

5.
  • Private Limited Company :
  • 1) Certified Copy of Memorandum and Article of Association as amended up-to date.
  • 2) Certified copy of Certificate of Incorporation.
  • 3) Resolution of the Board of Directors authorizing to opening of account and naming the persons authorized to operate it.

6.
  • Trust :
  • 1) Copy of Trust / incorporation deed.
  • 2) Resolution adopted by the Trust authorizing to opening of account and naming the persons authorized to operate it.

7.
  • Club/Association/Society :
  • 1) Certified copy of Constitution /bye-laws/Rules and regulations / Memorandum and Article of Association.
  • 2) Certified copy of Registration Certificate issued by Registrar of societies.
  • 3) Certified Copy of Certificate of commencement of Business.
  • 4) Certified copy of the Resolution duly adopted by the Board of directors of the Club / Association / Society / trust.