Terms and Conditions for Karnataka Grameena Bank Mobile Banking - Opening of Deposit

  • The Deposit account in INR will be opened in the name of the account holder from which it is funded. In case of joint accounts, where the mode of operations is E or S online opening of term deposit/RD account will be available to the main holder only. Joint account holders are not allowed to open the term deposit/RD account online.
  • Monthly/Quarterly/Half Yearly interest proceeds on term deposit wherever applicable will be credited by default to the operative account from which the term deposit funded.
  • The term deposit/RD account will be opened in the branch where the funded operative account is held.
  • By default, Term deposit will be auto renewed for the same period if auto-renewal facility availed while opening at rate prevailing during the date of renewal.
  • Bank will deduct the income tax as per the law applicable and in case no tax to be deducted, from 15H/G has to be submitted by the depositor to the branch or online just after opening of the TD and at the beginning of the financial year in the subsequent financial years.
  • In case pre-mature closure, depositor will be able to select the accounts from when customer wishes pre-mature closure proceeds on term deposit wherever applicable will be credited by default to the operative account. In case of Pre-mature closure penal interest applicable based on bank policy.
  • A fixed deposit cannot be closed online if the physical FD receipt has been obtained through the branch.
  • Karnataka Grameena Bank does not take any responsibility and also not be liable for your claims, if the details provided by you are incorrect/in complete.
  • While opening Deposit account through Mobile Application, user is allowed to choose one nominee only.