Deposit Schemes

It is this rate that works in any applicant’s mind whenever he or she tries to open an account. Here you will get the updates on our interest rates.

Deposit Schemes

Interest Rates on Domestic Term Deposits
Tenor of DepositBelow ` 1 crore (w.e.f 18.11.2016)` 1 crores to ` 10 crores (w.e.f 25.11.2016)
7 days to 45 days  5.50  3.75
46 days to 179 days  6.50  3.85
180 days to 210 days  6.75  3.85
211 days to less than 1 year  7.00  4.00
1 year to 455 days  6.90  4.25
456 days to less than 2 years  6.95  4.25
2 years to less than 3 years  6.85  4.25
3 years to less than 5 years  6.50  4.25
5 years and upto 10 years  6.50  4.25
*For deposits above Rs. 10 Cr., please contact the nearest branch for the interest rates.
*For deposits of Rs.10 cr and above, branches should obtain prior approval from Head Office before accepting/renewal of bulk deposits

General Instructions

  1. The Senior Citizens would be offered 50 basis points higher than the normal rate for all time buckets of deposits provided they fulfill all the terms and conditions as laid down.
  2. Revised interests on deposits are applicable on new deposits and also the existing deposits on their renewal.
  3. The interest rate on Savings Bank account remains unchanged at 4.00% p.a.
  4. Term Deposit will be accepted for a maximum period of 10 years only.
  5. In case of joint deposit accounts with one staff member with a senior citizen, only staff benefit can be permitted.
  6. 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 for deposits below Rs. 5 lacs.
  7. Premature penalty for Retail Term Deposits upto Rs. 5.00 lacs will be ‘NIL’ provided the dposits have remained with the bank for atleast 7 days, for the deposits issued/renewed on or after 27/10/2016.
  8. For term deposits above Rs. 5.00 lacs but less than Rs. 1Crore, the prepayment penalty will be 1% for all tenors , for the deposits issued/renewed on or after 27/10/2016.
  9. However, penalty clause for Term Deposits issued prior to 26-10-2016 remains unchanged.

Tax saver Scheme »

Maximum Amount in a Financial Year `1.50 Lac Minimum Period of Deposit 5 years Rate of Interest(w.e.f. 07-07-2016 )
5 years to less than 10 years 6.50 % p.a
  1. 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.
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