1.Renewal of matured term deposits shall be done as of the maturity date, provided the deposit receipt is presented for renewal within 14 days from the date of maturity(both days i.e. maturity date &date of presentation for renewal are inclusive) at interest rate prevailing as on the date of maturity for the period of renewal selected
2.If deposit receipts are presented for renewal after 14 days from the date of maturity, interest at the rate of MINIMUM of the following rates shall be payable for overdue deposits and the deposits with accrued interests shall be renewable from the date of presentation for renewal
(a) The rate of interest applicable for the overdue period as on the maturity date of the deposit
(b) The rate of interest applicable for the overdue period as on the date of presentation of deposit receipt for renewal
( c) The rate of interest payable on the renewed deposit receipt
3. If the term deposit is not renewed for further period , NO INTEREST is payable for the overdue period.