General Instructions and Terms and Conditions
General Instructions and Terms and Conditions for opening of Resident & NRE Term Deposits via FedMobile.
- Only NRE & Resident Term Deposits can be opened online.
- Debit Account should be a Savings, Current or Overdraft account.
- Deposit can be opened only in the name of the primary account holder of the debit account.
- Online requests received after 7 PM are likely to be opened with effective date as next working day.
- All fixed deposit transactions executed through FedMobile on a bank holiday will be processed on the next working day.
Scheme
- FSF – Monthly/Quarterly/Half Yearly/Yearly: Recurring deposit where the selected periodicity determines the instalment frequency.
- Cash Certificate: Interest compounded quarterly and reinvested; suitable for customers who do not require periodic interest payouts.
- FD – Monthly/Quarterly/Half yearly/Yearly/Interest on Maturity: Interest paid based on selected frequency. For FD–Interest on Maturity, interest is credited only at maturity.
Deposit Amount
- Minimum amount for FSF: ₹50 (in multiples of ₹10).
- Minimum amount for Cash Certificate & FD: ₹1000.
Period
- Resident FSF: Minimum 6 months for Monthly FSF. For other tenures, minimum period = 3 × instalment periodicity.
- NRE FSF: Minimum 1 year for Monthly & Millionaire FSF; otherwise, minimum = 3 × periodicity, subject to minimum 1 year.
- Resident Cash Certificate: Minimum 6 months.
- NRE Cash Certificate: Minimum 1 year.
- Resident FD group: Minimum 7 days.
- NRE FD group: Minimum 1 year.
Maximum period for all categories: 10 years (120 months)
Interest Rates for Senior Citizens / Staff
- If the debit account holder is a senior citizen, applicable senior citizen rates will be applied.
- If the debit account holder is staff, staff interest rates will apply.
- Senior‑Citizen + Staff combined benefit is not available; customer must visit branch.
- No additional benefit for senior citizen or staff in NRE deposits.
Scheduling Recurring Deposit Instalments Through FedMobile
- Customer may schedule instalments by selecting Standing Instruction (SI) date while creating FSF.
- If SI falls on a holiday, it executes on the next working day.
- If SI fails, the Bank attempts debit for the next 3 working days.
- Changes to SI dates must be done at the branch.
Deposit Receipt / Passbook
Physical deposit receipt / passbook is normally not issued for deposits opened via FedMobile. Customers who need a receipt may visit the branch.
Closing of Resident/NRE Term Deposit Opened Online
Offline requests may be submitted through FedMobile for closing deposits opened online, provided no physical receipt was printed. If receipts were printed, closure must be done at the branch. Proceeds are transferred only to the funding debit account.
Renewal of Deposits
- Eligible deposits are auto‑renewed for the same tenure unless specified otherwise.
- Interest rate applied is the prevailing rate on renewal date.
- FedMobile allows customers to review renewal instructions starting 30 days before maturity.