Short Term Automatic Renewal (STAR) deposits are time deposits accepted by the Bank for a period of time of one month and its multiples. As the name indicates, on the due date, it will automatically renew with the interest accrued thereon for a further period of 31 days. The deposits accepted under STAR with the difference that a part of the deposit can be withdraw without affecting the remaining portion that continues to earn interest. This enables the customer for depositing the amount without locking up for a longer period and to earn a better cumulative rate of interest.
- Eligibility
- Resident Individuals
- Sole Proprietorship Firms
- Partnership Firms
- Limited Companies
- Trust Accounts
- Association / Clubs / Societies
- How to open
Should submit the dully filled & signed Account opening form along with;
- Specimen Signature.
- Photograph of the operator.
- ID proof of operator as per KYC norms.( (a) Passport (b) Ration card containing Photograph (c) Driving License (d) PAN card (e) Voters Identity card (f) Unique Identity card issued by the Government of India.)
- Address proof.
- Business proof from panchayath/ partnership deed / trust deed/ Articles of association / Registration Certificate / byelaws / minutes copy / authorisation letter
- Proper introduction
- PAN card copy for deposits more than ` 50000/-
- Initial deposit
- Facilities
- Nomination facility is available on STAR A/cs
- Due date will be recorded on the deposit receipt to enable the depositor either to renew the deposit or receive payment of the amount due.
- On the due date STAR Account will automatically renew with the interest accrued thereon for the next 31 days. Customer need not request or submit receipt for renewal.
- The balances in the STAR account shall be partly withdrawable, while making such part withdrawal, the account holder must bring the STAR deposit receipt and got entered the amount withdrawn therein. If the partial withdrawal has made, the party will get the interest for the remaining balance only.
- Standing instruction facility for transferring the monthly/quarterly interests to a particular SB/Current Account is not allowed upon STAR Deposits.
- Interest Rates
The rate of interest offered to the STAR account will be the rate prevalent to the term deposits for period of 31 days, which will vary from time to time. Please visit the page of Interest rate on deposits.
- Premature Closing
If the customer making a pre-closure, before attaining 31ST day, the deposit will fetch an interest up to the previous renewal date.