- The e-TDR/e-STDR (MOD) in INR will be generated in the same name(s) of the account holder(s) as in account from which it is funded.
- The interest proceeds on the Term Deposit (e-TDR MOD), will be credited by default to the account from which the Term Deposit (e-TDR MOD) was funded.
- Penalty on Partial /premature withdrawal of MOD is applicable. Interest (minus penalty) will be paid for the period partial amount or full amount has remained under MOD. However, no interest will be paid on Deposits which remain for a period of less than 7 days.
- Bank will deduct the income tax as per the law applicable and in case no tax is to be deducted, form 15H/G has to be submitted by the depositor to the branch just after opening the e-TDR/e-STDR (MOD) and at the beginning of the Financial Year in the subsequent Financial Years.
- e-TDR/e-STDR(MOD) with additional rate of interest for senior citizens will be issued if option for "Senior Citizen" is selected by the customer and age of customer is 60 Yrs or above, on the date of creating the fixed deposit, as per date of birth recorded with the Bank. The minimum days and minimum amount applicable for additional rate of interest for senior citizen will be as per Bank's policy.
- If you choose the Senior Citizen option, then you must ensure that your age as on the date of making the deposit is 60 years or more. If at any time the Bank discovers that you did not qualify for the Senior Citizen benefit, the Bank reserves the right to recover from you any additional amount of interest that the Bank might have paid to you and take any other action as permitted by law.
- In case of joint accounts, the Senior Citizen benefit can be availed only if the first account holder qualifies for this benefit. .
- As per section 206AA introduced by Finance (No. 2) Act, 2009 effective April 01, 2010, every person who receives income on which TDS is deductible shall furnish his PAN, failing which TDS shall be deducted at the rate of 20% in case of Domestic deposits and 30.90% in case of NRO deposits.
- Additionally, in the absence of PAN, Form 15G/H and other exemption certificates will be invalid even if submitted & penal TDS will be applicable.
- Kindly visit your SBI branch with your PAN card (original & copy) to get the same updated on the bank records.
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