The deposit is accepted for a fixed period chosen by the customer. The minimum period of deposit is 30 days and maximum is 120 months. The periodical interest will be paid quarterly/half yearly/yearly as per the choice of customer.
At the request of customer the interest will be paid on monthly basis at discounted rate. TDS will be deducted if the amount of interest in a financial year exceeds Rs. 40,000/-. If you do not want to pay TDS you will have to submit Form 15G/H along with a copy of PAN card every year.