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Normal Fixed Deposit Account 

So, what exactly is a Fixed Deposit? In a Fixed Deposit, you put a lump sum in your bank for a fixed tenure at an agreed rate of interest. At the end of the tenure, you receive the amount you have invested plus compound interest. FDs are also called term deposits. Interest rates.

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The tax-saving fixed deposit is the best-secured FD schemefor claiming tax-exemptions under Section 80C of the Income Tax Act. The tax-saving fixed deposit comes with a fixed lock-in period of 5 years. By investing in this fixed deposit scheme, one can get an annual tax exemption of Rs 1.5 Lakh.

        Retail Deposit<= 5 crore
          Non Cumulative Fixed Deposit
               Cumulative  Deposit
     Period         Monthly         Quarterly     Half Yearly           Yearly            Rate P.a at       Effective           Maturity  
   (Months)         % P.a               % p.a             %P.a                 % P.a           Monthly reset    yield % P.a    value for Rs.
                                                                                                                                                                              5000/-
      12                  6.54                 6.58                6.64                 6.74                   6.54                   6.75             5,335

      15                  7.01                 7.06                7.12                 7.25                   7.01                   7.31              5,455 

      24                  7.01                 7.06                7.12                 7.25                   7.01                   7.51              5,750


      30                  7.72                 7.77               7.85                  8.00                    7.72                   8.49             6,060 


      36                   7.72                  7.77             7.85                  8.00                    7.72                   8.66              6,300


       45                  7.86                  7.92             8.00                  8.15                    7.86                   9.12              6,710 


       48                   7.86                 7.92              8.00                 8.15                    7.86                   9.12               6,840
                
 
       60                  7.95                 8.01               8.09                 8.25                    7.95                   9.73               7,430                              

2)  NCB Double Scheme Fund FD

Terms and Conditions

1I agree to the Bank issuing certificate in the prescribed form for tax deducted at source on interest on Fixed Deposits, after the end of every calender quarter

2I agree that on maturity of my Fixed Deposit, in absence of my written instructions on disposal, the Bank reserves the right at its discretion to renew the deposit along with accrued interest thereon at prevailing rates of interest for a similar tenor of the deposit which has matured.

3I agree that in case of premature withdrawal of my fixed deposit based on my instructions or the instructions of all the joint depositors in the case of joint deposit, the bank shall have the right to recover interest already paid or the penalty, if any, from the proceeds of the fixed deposit in accordance with prevailing regulations of the bank and the Reserve Bank of India. 

4I agree that the bank will pay the Fixed Deposit amount either on maturity or premature withdrawal at any branch irrespective of the branch where the deposit is booked.

5I am aware that National Commercial Bank computes interest on its Domestic, NRO & NRE deposit accounts based on the actual number of days in a year (i.e 366 days in a leap year and 365 days in a non leap year).

6In case of Domestic & NRO deposits no interest will be paid if the deposit is liquidated within 7 days of the date of booking.

7In case of NRE/FCNR deposit no interest will be paid if the NRE/FCNR Deposit is liquidated before the completion of 1 year from the date of booking.

8As per the Terms & Conditions of Fixed Deposit Accounts of the bank,In case of premature closure of Fixed Deposit (including sweep in / partial closure) the interest rate will be 1.00% below the contracted rate or the base rate applicable for the period the deposit has remained with the bank, whichever is lower,except for the tenor of 7-14 days and FD value greater than equal to 25 crores. ( booked on or after 1st Sept 2017)

9In the event of the death of one of the joint account holders, the right to the deposit proceeds does not automatically devolve on the surviving joint deposit account holder, unless there is a survivorship clause.

10I/we agree that in case of joint Fixed Deposits with a survivorship clause, the Bank shall be discharged by paying the Fixed Deposit proceeds prematurely to survivor/s, on request, in the event of death of one or more Joint Depositor.

11Any interest / maturity payout less than or equal to Rs 100/- on Term Deposits shall be credited to the savings or current account, irrespective of the instruction given at the time of booking of the deposit or change anytime during the tenure of the deposit.

12In the event of the death of the depositor, premature liquidation of the term deposit/s will be allowed. Such premature liquidation will not attract any penal charges .

13Fixed Deposit can be prematurely liquidated through Netbanking only if the Deposit as well as Source Saving/Current Account is held under Single Owner “SOW” relationship.

14 I am aware that the interest rate applicable on premature closure of deposits (all amounts) will be lower of: a) The rate for the original/contracted tenor for which the deposit has been booked OR b) The base rate applicable for the tenor for which the deposit has been in force with the Bank. For deposits booked on or after 7th march'19, the base rate is the rate applicable to deposits of less than Rs.2 Cr as on the date of booking the deposit. Prior to this the base rate is the rate applicable to deposits of less than Rs.1 Cr as on the date of booking the deposit. The base rate( for deposit amount >= 5 cr ), is the rate applicable to deposits of 5 crores as on the date of booking the deposit.

NCB JEEVAN SHAKTI SCHEME FUND FD

Fixed Deposit Account Terms and Conditions

These Terms and Conditions (the “Terms”) apply to and regulate the Fixed Deposit promotional offer provided by National Commercial Bank and are in addition to and not in derogation of the Terms and Conditions of National Commercial Bank’s Fixed Deposit and Terms and conditions applicable to National Commercial Bank's Internet Banking services (the “Primary Terms and Conditions”) as available on www.ncbbank.in  To the extent of any inconsistency between these Terms and Primary Terms and Conditions, these Terms shall prevail. All capitalized terms used herein but not defined shall have the same meaning as specified under Primary Terms and Conditions.

DEFINITIONS

1. "Vendor" shall mean Encana International, who has entered into an alliance with National Commercial (“National Commercial Bank”) for purpose of providing the Offer.

2. "Customer/s" for the purpose of this Offer shall mean an resident indian individual who has an National Commercial Bank Resident Savings Account and opens a Fixed Deposit (as defined hereunder) on the Website using other bank's VISA debit card. During the Offer Period for an amount and tenure and subject to such terms and conditions as shall be specified by National Commercial Bank from time to time.

3. "Fixed Deposit" for the purpose of this Offer shall mean an National Commercial Bank Fixed Deposit opened by a Customer/s online using other bank's VISA debit card through National Commercial Bank's website, for a minimum value of Rs. 51,000/- subject to a maximum amount of Rs One Crore (Rs. 1,00,00,000/-) created for a period of 390 days and above, during the Offer Period and shall exclude any Linked Fixed Deposits including Money Multiplier Fixed Deposits, Quantum Optima Fixed Deposits, Fixed Deposits opened in the name of proprietors, partnerships, companies, trusts and societies, and such existing Fixed Deposits which are renewed during the Offer Period.

4. "Offer" shall mean the Gift/s being provided to the Customer/s free of cost on opening a Fixed Deposit with National Commercial Bank during the Offer Period.

5. "Gift/s" shall mean the following products of the Vendor: One wrist watch on opening a Fixed Deposit during the Offer Period.

6. "Offer Period" shall mean the period commencing from January 14, 2013 for Fixed Deposit upto such time as stocks last.

7. "Website" shall mean www.ncbbank.in  belonging to National Commercial Bank.

OFFER

1. The Offer is valid only for select set of Customer/s who open a new Fixed Deposit online using other bank’s VISA debit card during the Offer Period.

2. The Fixed Deposit should be opened on the Website.

3. Value Date of the Fixed Deposit shall be considered for being eligible for the Offer.

4. For opening a Fixed Deposit, only one Gift will be given per customer irrespective of the number of Fixed Deposits opened by the Customer during the Offer Period.

5. Participation in the Offer by the Customer/s is on a voluntary basis.

6. National Commercial Bank employees shall also be eligible for the Offer

7. Customer/s would receive the gift after a minimum of 60 working days from the date of opening of Fixed Deposit account.

8. The Gift will be delivered to Customer/s at their registered Indian communication address as per National Commercial Bank's records.

9. In the event of the Gift/s being returned undelivered from the registered communication address of the Customer, the Gift/s shall be forwarded to the base branch of the Fixed Deposit account from where the Customer/s may collect the Gift/s.

10. This Offer cannot be clubbed with any other Offer that may be made available to the Customer/s by National Commercial Bank.

11. The Offer is non-transferable, non-binding and non-encashable.

OTHER TERMS AND CONDITION

1. National Commercial Bank does not guarantee and make any representation about the usefulness, worthiness and/or character of the Gift/s. National Commercial Bank shall not be responsible for any postal/courier delays caused due to acts or omissions of any third party who is responsible for delivery of the Gift.

2. Any tax or other liabilities or charges payable to the government or any other statutory authority/body or any participating establishment, which may arise or accrue to the Customer/s due to provision of the Offer, shall be to the sole account of the Customer/s. Tax deducted at source, if any, on the monetary value of the Offer shall be payable by the Customer/s.

3. All issues / queries / complaints / grievances relating to the Gift/s, if any, shall be addressed to the Vendor directly at customercare@encanainternational.com or at Encana Customer Care, B-14, Industrial Area, G.T. Karnal Road, Near Telephone Exchange, Delhi – 110033 or call at +91-9475755266 without any reference to National Commercial Bank.

4. The existence of a dispute, if any, regarding the Gift/s shall not constitute a claim against National Commercial Bank.

5. All disputes are subject to the exclusive jurisdiction of the competent courts/tribunals of Mumbai.

6. The Offer is not available wherever prohibited and / or on gifts / services for which such offers cannot be made available for any reason whatsoever.

7. National Commercial Bank reserves the right to modify/change all or any of the terms applicable to the Offer without assigning any reasons or without any prior intimation whatsoever. National Commercial Bank also reserves the right to discontinue the Offer without assigning any reasons or without any prior intimation whatsoever.

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F.A.Q

Disadvantages of FDs

  • Low returns. While FD returns are guaranteed, they are also low, as compared to other short-term market-linked investments.

  • Liquidity. Withdrawing your FD before the date of maturity leads to a penalty charge. ...

  • Tax returns. Interest earned through your FD falls under the taxable slab of your income.

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A fixed deposit offers guaranteed returns. The rate of interest offered to you when you open an FD remains constant throughout your tenure. Even if the interest rates fall in the broader market, your FD won't be affected. You, therefore, don't have to worry about the ups and downs of the market.

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Liquidity Risk

It is very well known that a fixed deposit makes availability of funds easy, however not all fixed deposits have high liquidity. For example, a tax saver FD has a lock-in period of five years because of which the investor cannot liquidate the funds before the maturity.

A tax saving FD or Fixed Deposit is a financial investment instrument offered by banks & NBFCs where you can deposit money and get a higher rate of interest than a normal savings account. Your investments under this scheme are exempt from tax deductions as per section 80C.

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Here are some options to double your money:

  1. Tax-free Bonds. Initially tax- free bonds were issued only in specific periods. ...

  2. Kisan Vikas Patra (KVP) ...

  3. Corporate Deposits/Non-Convertible Debentures (NCD) ...

  4. National Savings Certificates. ...

  5. Bank Fixed Deposits. ...

  6. Public Provident Fund (PPF) ...

  7. Mutual Funds (MFs) ...

  8. Gold ETFs.

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Similarly, if you want to double your money in five years, your investments will need to grow at around 14.4% per year (72/5). If your goal is to double your invested sum in 10 years, you should invest in a manner to earn around 7% every year. Rule of 72 provides an approximate idea and assumes one time investment.

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According to the governing laws in India, the interest earned on FD accounts are fully taxable. The interest amount with your FDs is clubbed with your total income and is taxed accordingly. The tax rates depend on the slab applicable to your total taxable income, as specified under the Income Tax Act.

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Interest ceases to be payable after the maturity date unless the fixed deposit is renewed. Withdrawals before maturity Some types of fixed deposits may allow you to make a maximum number of withdrawals during the term of the fixed deposit without incurring any fee or affecting the interest rate.

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Can I break my FD at any time?

Fixed deposits, with a premature withdrawal facility, allow the depositor to close the FD before the date of maturity arrives. This comes as a relief in times of cash crunch. However, a certain amount may be required to be paid by the depositor as a penalty to the bank. This usually ranges between 0.5% and 1%.

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