Uttar Bihar Gramin Bank 555 Days GRAMIN SUPER DEPOSIT SCHEME

If you want a safe, time-bound way to grow your money with minimal effort, Uttar Bihar Gramin Bank’s 555 Days GRAMIN SUPER DEPOSIT SCHEME is a neat, no-nonsense option. You invest a lump sum once, stay put for a fixed 555-day term, and let quarterly compounding do the heavy lifting. It’s built for savers who value certainty, clear timelines, and the comfort of bank-backed returns.

What this scheme is—in plain English

This is a fixed deposit with a very specific tenor: 555 days (about 18 months and 9 days). You put in at least ₹1,000 (in multiples of ₹1,000), there’s no upper limit, and your money earns interest at the prevailing rate for this special term. Interest is compounded quarterly, which means interest added every quarter begins earning interest itself in the next quarter. At maturity, you receive your principal plus accumulated interest, subject to the rules described by the bank.

Who can open it (Eligibility)

Most customer profiles are covered:

• Individuals in single name
• Joint holders, useful for families or partners
• Minors over 10 years, typically with guardian oversight as per bank norms

This keeps the product accessible whether you’re saving for yourself, setting aside funds for a family goal, or teaching a young saver the discipline of a time-bound deposit.

Interest rates and extra benefits

The interest you earn is pegged to UBGB’s prevailing rate on the day you invest in the 555-day scheme. Because bank rates move with the market, always confirm the current card rate at the branch before you deposit. Certain categories get a boost:

• Senior citizens: +0.50% over the applicable rate
• Staff, ex-staff, and widows/widowers of staff: +1.00% over the applicable rate

Be sure the additional rate you qualify for is recorded on your deposit receipt when you open the account.

Tenor that means business: 555 days

A fixed 555-day term helps you plan with precision. You can line up the maturity with an expected expense—fees due in the next academic year, a pre-planned purchase, or a cushion for an upcoming event. The deposit matures exactly 555 days after the value date, so note the calendar date when you open it and set a reminder a few weeks before maturity to review renewal or withdrawal.

Minimum and maximum amounts

• Minimum: ₹1,000
• Maximum: No upper limit, in multiples of ₹1,000

This range suits both first-time depositors and seasoned savers parking larger lump sums for a defined period.

How interest is calculated (quarterly compounding)

With quarterly compounding, interest credited at the end of each quarter is added to your principal, and the combined amount earns interest in the next quarter. Over the 555-day period, this snowball effect nudges your maturity value higher than simple interest would. If you want an exact figure for your amount, ask the branch for the maturity value quote for your deposit and date.

Premature withdrawal (know this before you need it)

Life happens, and UBGB allows premature withdrawal, but with rate reductions as per MMDC norms (as communicated by the bank). In short, if you close early you’ll typically get a lower effective interest than the booked rate. If there’s a chance you may need liquidity earlier, consider:

• Choosing a shorter deposit elsewhere for the “uncertain” portion
• Splitting a large amount into two or three certificates with staggered start dates so you can redeem one if needed and keep the others compounding

Loan against your deposit (liquidity without breaking it)

Instead of closing the deposit early, you can borrow up to 90% of your deposit amount including accrued interest, subject to bank approval and policy. This is handy for bridging short-term needs while keeping your deposit intact and earning. Once your cash-flow gap closes, you can repay the loan and let the deposit run to maturity.

TDS and taxation—quick clarity

• TDS on interest is applicable as per income-tax rules. If your interest crosses the threshold or your declarations require it, the bank will deduct TDS.
• TDS is not the same as your final tax liability. Interest from bank deposits is generally taxable as per your slab. If you’re eligible to file Form 15G/15H to manage TDS, submit it in time each year as per the bank’s process. Keep your deposit receipt and interest certificate for your tax return.

Nomination = two minutes, big peace of mind

Nomination is available for individual and joint deposits and is not available for minor accounts. Add a nominee at the time of opening—this small step ensures your funds pass cleanly to the intended person, reducing paperwork for your family.

Who this suits best

• Salaried savers with a clear 18-to-19-month goal who prefer certainty over market volatility
• Families planning for a time-bound expense (fees, ceremonies, travel) and wanting a precise maturity date
• Senior citizens who value extra 0.50% and the stability of a bank FD
• Conservative investors parking a windfall or bonus for a defined period with easy paperwork and nomination

How to open—documents checklist

Opening is straightforward. Bring originals for verification and clear photocopies to speed things up:

• UBGB application form (prescribed format)
• Photo ID and address proof as per KYC norms
• PAN (or Form 60/61 if PAN isn’t available)
• Photographs of the depositor(s)
• If the account holder is a minor over 10 years, carry age proof and guardian KYC as required

Confirm your category (senior citizen/staff etc.), ensure the additional rate is recorded, and verify the maturity date on your certificate.

Smart ways to get more from this FD

• Match tenor to your goal. If you know you’ll need funds in ~18 months, the 555-day fit reduces the temptation to break early.
• Ladder large sums. Split a big deposit into multiple certificates opened a few weeks apart. You’ll get rolling maturities and better liquidity.
• Set maturity reminders. A quick calendar alert 3–4 weeks before maturity helps you compare renewal rates or plan withdrawals on time.
• Keep an emergency buffer outside the FD. This lowers the odds you’ll need a premature withdrawal.
• Ask for the maturity quote. For your exact amount and date, the branch can print the projected payout so you can plan precisely.

Quick answers to common questions

What’s the tenure?
Exactly 555 days from the value date.

What’s the minimum and maximum?
₹1,000 minimum; no maximum, in multiples of ₹1,000.

Do I get extra interest as a senior citizen?
Yes, +0.50% over the applicable rate. Staff/ex-staff and eligible family members get +1.00%.

Is TDS deducted?
Yes, as per income-tax rules. Submit 15G/15H if eligible to manage TDS; consult your tax advisor for your final liability.

Can I take a loan instead of breaking the FD?
Yes. Up to 90% of the deposit value (with accrued interest), subject to bank policy.

Can I close it early?
Permitted, but with interest rate reductions as per MMDC norms. Ask the branch for the precise impact before you proceed.

The bottom line: UBGB’s 555 Days GRAMIN SUPER DEPOSIT SCHEME offers a focused, fixed-term path to grow your savings with quarterly compounding, clear eligibility, no cap on amount, and loan-against-deposit flexibility. If you want predictability with just enough liquidity to handle surprises, this special 555-day deposit strikes a practical balance for real-life goals.