The scheme allows a customer to earn higher rate of interest for those amounts, which a customer is confident that he will not require the amount for certain period. The scheme offers higher rate of interest than savings account. The interest rates vary with the period for which amount is kept in fixed deposit. The interest rates vary from time to time.

• By a person in his/her own name or jointly with other individuals.
• By guardians on behalf of minors or jointly with the minors.
• In the name of private and public limited company.
• In the name of trustee, liquidators, etc.
• In the name of other institution, semi government organization etc.

Documents, which are required for opening of savings and current account, are also required for opening for fixed deposit. But if the prospective customer has already had other saving/ current account with the bank, the additional documents may not be insisted.