Short Term Deposit of Bank Asia
- Minimum deposit amount of Rs.1000/-
- Minimum period of deposits – 7 days
- Maximum – less than 12 months. ( period of 7 days to 14 days – applicable for deposits of Rs. 15 lacs and above)
- For opening of the account – two passport size photographs, documents relating to proof of residence, and introduction from a person known to the Bank (bank’s customer/ existing account holder) are required.
- Rate of interest depends on maturity period.
- An additional interest @ 0.50% for Senior Citizens against their deposits of Rs. 10,000/- and above.
- Interest payment is subject to Tax Deducted at source(TDS) as per prevailing Income Tax ACT.
- However, tax is deducted at source (TDS) on deposits that earn interest more than Rs.10,000/- per year.