Automatic Renewal

auto-renewal

Term deposits are renewed automatically on maturity, for one time, for the same period of original contract with the prevailing rate of interest, at the time of maturity. The customer need not visit the bank. If the depositor do not claim/renew the deposit after one time Automatic Renewal, the amount shall be transferred to matured deposits. From then the interest applicable to saving account shall be paid till payment/renewal of Deposit.