Interest Rates on Domestic Term Deposits
|Tenor of Deposit||
Below ` 1crore
|Deposit of ` 1 Cr and above
|7 days to 45 days||6.25%||6.25%|
|46 days to 90 days||6.25%||6.25%|
|91 days to 179 days||6.75%||6.75%|
|180 days to less than 1yr||7.50%||7.00%|
|1yr to less than 2yrs||8.25%||7.50%|
|2yrs to less than 3yrs||8.25%||7.50%|
|3yrs and upto 5yrs||8.25%||7.50%|
|Above 5 yrs and upto 10 yrs||8.00%||7.50%|
- The Senior Citizens would be offered 30 basis points higher than the normal rate for the Term Deposits of one year and above, provided they fulfill all the terms and conditions as laid down.
- Revised interests on deposits are applicable on new deposits and also the existing deposits on their renewal.
- The interest rate on Savings Bank account remains unchanged at 4.00% p.a.
- Term Deposit will be accepted for a maximum period of 10 years only.
- In case the depositor is a retired staff as well as senior citizen, the additional interest rates will be available under both categories.
- In case of joint deposit accounts with one staff member with a senior citizen, only staff benefit can be permitted.
- In case of premature closure of Term Deposits the interest rate applicable will be the interest rate for the contracted period or the interest rate for the period for which the deposit has remained with the Bank, whichever is less.
- There shall be no penalty for premature withdrawal of term deposits provided these deposits have remained with the Bank for at least 7 days and are issued on or after 01-04-2013. However, penalty clause for Term Deposits issued prior to 01-04-2013 remains unchanged.
|New Scheme||Interest Rate Fig in(% per annum)|
|Public||Senior Citizen||Staff||Retired Staff Senior Citizens||Remarks|
* The above deposit schemes will be applicable for individual customer and deposits below `1 Crore only
|Maximum Amount in a Financial Year `1.50 Lac||Minimum Period of Deposit 5 years||Rate of Interest(w.e.f. 29-07-2015 )|
|5 years to less than 8 years||8.00 % p.a|
|8 years and upto 10 years||8.00 % p.a|
- The deposits up to ` 1.50 lac for a tenure of 5 years and above, will qualify for tax-benefit, under Sec. 80C of Income Tax Act. However, premature withdrawals are not allowed on the deposits, up to 5 years.