Hi John,
I am having a fixed deposit in Indian bank:
http://www.indianbank.in/deposits.php?by=47&ty=2
Please find the below details mentioned in the above link:
(It states that one can take a loan upto 90%. Also the deposit can be foreclsed before its maturity period with penalties.)
[u]Other Requirements/Details[/u]
* Simple interest at quarterly or longer rest. Monthly payment of interest with discounted rate.
[b]* Loan facility : Upto 90% of the principal amount with rate of interest at 2% p.a. over the rate of interest payable to deposit.
* Deposits can be foreclosed before the due date with the penalty pravailing on the date of such foreclosure.[/b]
* TDS will be deducted as per rules from time to time under 194A of the Income Tax Act.
* Customers can give 15G/15H as the case may be at the time of opening the account and every year during April, tax will not be deducted.
* Deposit will be automatically renewed for equal period of earlier deposit subject to the maximum period of 12 months in the absence of instructions from the customers before due date.
* The customer can vary the contract terms like period etc within 14 days from the date of such auto renewal.
* Premature renewal facility without penalty is available provided the term deposit is extended for a further period longer than the original due date.
* Nomination Facility Available.