The interest payout schedule will depend on selecting the Cumulative/Non-Cumulative option at the time of applying for FD.
For Cumulative FDs -
The interest will be compounded annually, and the maturity amount will be inclusive of the interest amount (subject to deduction of tax, wherever applicable).
For Non-Cumulative FDs -
The interest will be paid based on the interest payment frequency selected by the customer.
A) Monthly option - Interest will be paid on the last date of each month.
B) Quarterly option - Interest will be paid on the last date of each quarter i.e. June 30th, September 30th, December 31st, and March 31st.
C) Half Yearly option - Interest will be paid on September 30th and March 31st.
D) Annual option - Interest will be paid on the last date of the financial year i.e. March 31st.
In Non-Cumulative FDs, the first and last interest pay-out will be paid on a pro-rata basis.
For Ex - If the customer has initiated a Non-Cumulative FD on 25th February with a quarterly payout option, the first interest pay-out will be on the last day of the calendar quarter i.e. 31th March. Similarly, the last interest pay-out will be on a pro-rata basis till the maturity date.
