20:20 Deposit
popular deposit scheme for 20 months and 20 days
Learn more about the Flagship Reinvestment Scheme from TMB.
As the title suggests, you get the highest interest rate in the shortest possible span of time viz. 20 months and 20 days. Yes, in this scheme you get upto 6.25% p.a. interest rate for senior citizens and 5.75% p.a. interest rate for all others.
The deposit is open to all individuals, including Joint account holders and Minors, Proprietorship concern, Partnership firm, Companies, Trusts, Associations, Clubs, Educational institutions, Charitable institutions, Public institutions and Statutory bodies and Non-Resident Ordinary Citizens.
- Mode of Deposit
- Fixed as well as Muthukuvial Deposit.
- Interest Payment Frequency
- Monthly as well as Quarterly in case of Fixed Deposit.
- Denomination
- Minimum prescribed deposit will be Rs. 1,000.00. No Maximum. The deposit is not transferable.
- Tenure
- 20 Months & 20 Days.
- Rate of interest
- General Public: 5.75%, Senior Citizen: 6.25%. Interest Rates as applicable from 01st Sep 2020.
- Loan on Deposit
- Loan facility up to 90 % will be made available as per the Bank's extant guidelines.
- Nomination
- Nomination facility is available.
- Premature Closure
- 1.00% penal interest, if the depositor opts for premature closure for 20:20 deposits on the rate applicable for the period for which the deposit remained with the bank. This penal interest clause is effective for deposits opened / renewed on or after 01st Jun 2018.
- TDS
- As per the extant guidelines.
- KYC Compliance
- Proof of identity, proof of address and passport size photo are insisted for new customers and existing customers who have not complied with KYC guidelines earlier.
- Limitations
- This is a Special Limited Period Offer only.
Deposit Rate of Interest Chart (Last Updated - 01st Sep 2020) :
Download the Application Form:
