Someone has asked,
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Q. Whether a bank employee given compulsory retirement is entitled to one percent extra interest on the fixed deposit kept with his bank?
Ans. Bank employees who have retired on attaining the age of superannuation are entitled to earn a 1% additional rate of interest on deposits placed by them with their own bank. However, there are some conditions like the money must belong to them. To ensure this some banks obtain a declaration from employees. Another provision is regarding maintaining a joint account, to earn additional interest it is provided that the first name should be of ex-employee / Family Pensioner. There are certain categories of employees who are not eligible to earn an additional rate of interest. Employees who have resigned or given compulsory retirement or dismissed/ removed from the bank’s service are not entitled to earn an additional rate of interest benefit.
Q. Can a Private Limited Firm has bank-fixed deposits in its name?
Ans. Yes. Requests for a fixed deposit may be accompanied by a board resolution, banks prescribed application form for Fixed / Term deposit and a cheque.
Ans. Loan against Deposit is normally sanctioned the same day within half an hour or so.
Q. How many times I can do fixed deposits (FD) in one year?
Ans. Please be happy as there is no such restriction. You can do a fixed deposit 365 days a year.
Q. Perfect wordings for lien marking on FD?
Ans. Wordings may differ from institution to institution like banks/depository-NSDL/CDSL. Normally, it should contain 3 things; Confirmation that Lien is marked, in favor of whom, and reference no / date of such request. This way, wordings may be “ Lien marked in favor of_____as per request ref No____Dt._____.
Q. I am taking senior citizens fixed deposit benefits in both-bank and post office, is it legal?
Ans. As long as the money belongs to you, there are no restrictions in claiming senior citizens benefit at banks/ post offices.
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