Nainital Bank offers Re-Investment Deposit schemes for various durations. It offers simple reinvestment Deposits (at very competitive interest rates), which can be opened with a minimum investment of Rs 1,000.
Any Resident Individual - Single Accounts, Two or more individuals in Joint Accounts, Illiterate Persons, Blind persons, Purdanasheen Ladies, Minors, Associations, Clubs, Societies, etc. Trusts, Institutions/Agencies specifically permitted by the RBI eligible to open a ""Fixed Deposit Receipt" Account" in single/joint name/s.
- Interest will be compounded on quarterly basis and in case the date of interest payment falls on holidays then on the next working day.
- Repayment of term deposits before maturity is permissible. In the event of the Deposit being closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of deposit, for the period for which the deposit has remained with the Bank.
- The deposit can be renewed for a further period.
- Tax is deducted at source, from the interest on Re-Investment Deposits, as applicable, as per the Income Tax Act, 1961.
- Nomination facilities are available
*Senior citizens are offered additional interest of 0.50 % for deposits placed less than Rs.1.00 crore.