This is an interesting scheme which facilitates reinvesting the interest earned over a period of time and also ensures the liquidity. Interest is compounded and calculated on quarterly basis and added to original deposit. This account can be opened by individuals, by a guardian on behalf of the Minor, Trusts, Associations, Societies and companies for a maximum period of ten years.

It is an exciting scheme to fund not only the liquidity but also to allow it grow as a big kitty by reinvesting the interest back into the deposit scheme.

Khushal Deposit account can be opened by an individual, jointly with another individual, by a minor by guardian, Firms, Partnership, Associations, Trusts, Societies & Companies. In case of minors / accounts their date of birth and age should be furnished at the time of opening of the account.

This account should be introduced by a person well-known to the Bank.

This account can be opened with a minimum sum of Rs. 100/- and further amount should be in multiples of Rs 100/-.

As at present the minimum period for which a deposit may be held is 1 year, whereas the maximum is limited to a period 10 years. However, where a deposit is held in the name of a minor, it can be held upto the date of the minor attaining majority.

This scheme offers an attractive rate of interest which is indicated elsewhere. The interest is related to the period of deposit. The interest is calculated and compounded on a quarterly basis and added to the original deposit amount. The depositor will be paid maturity value at the time of maturity.

An individual / joint account holder may nominate a person to receive the amount at credit of the deposit account in the event of the demise of the account holder / s.

While account can be transferred from one branch to another it cannot be transferred from one person to another. However at the instructions of the account holder/s the addition or deletion of another joint holder will be acted upon by the Bank.

The account holders should use the account opening form and the specimen signature cards supplied by the Bank in this regard.

In the event of loss of Khushal Deposit receipt, the account holder may be issued a duplicate receipt in lieu of the lost one subject to indemnifying the Bank for any loss or damage that may arise on account of issue of duplicate receipt, beside following other formalities.

Under Banker's general lien the Bank has a right to appropriate the money in the Khushal Deposit account towards the dues payable by the account holder/s under some other account to the Bank.

The account holder may choose to close the account premature which will be done according to the rules of Reserve Bank of India.

Normally the Bank will issue a letter to the depositor addressed to the last recorded address requesting him to take payment / renew the deposit much before the date of maturity. Where, however, the deposits are not renewed or cash not taken otherwise the same will be held in a separate overdue deposit account and the account holder will be given the benefit of renewing it from the date of earlier maturity without any loss of interest subject to the guidelines of Reserve Bank of India in force. The Khushal Deposit account can be closed by surrendering the deposit receipt duly discharged by account holders.

The account holder on his request will be granted loan against deposit in accordance with the rules of Reserve Bank of India.

The Bank has got the right to alter the rules in this behalf and the account holder is bound by such alterations in the rules.