| Period | Rate of Interest |
|---|---|
| 7 Days to 45 Days | 3.75% |
| 46 Days to 90 Days | 3.75% |
| 91 Days to 180 Days |
4.50% |
| 181 Days to 364 Days |
5.75% |
| 1 Year to 2 Years |
7.25% |
| Over 2 Years to 3 Years |
7.00% |
| Over 3 Years to 5 Years |
6.75% |
| Over 5 years to 7 Years |
6.00% |
| Term Deposit for 5 years (u/s 80C) of IT Act (up to Rs.1.50 Lakh) | 6.75% |
| Period | Rate of Interest |
|---|---|
| 1 Year to 2 Years |
7.25% |
| Over 2 Years to 3 Years | 7.00% |
| Period | Rate of Interest |
|---|---|
| 1 Year to 3 Years | 6.00% |
Senior Citizen (aged above 60 years up to less than 75 years) will get benefit of 0.50% higher interest rate on Deposits only for maturity above 1 year and is not eligible on maturity below 1 year. However, Deposit placed under section 80 C of IT act will not be eligible for such additional interest rate benefit. The benefit of additional interest rate on deposits for senior citizen shall not be available to NRE deposits.
Super Senior Citizen (Aged 75 years and above) will get benefit of 0.50% higher interest rate on Deposits only for maturity above 1 year and is not eligible on maturity below 1 year. However, Deposit placed under section 80 C of IT act will not be eligible for such additional interest rate benefit. The benefit of additional interest rate on deposits for super senior citizen shall not be available to NRE deposits.
Staff / Ex. Staff rate will be 1?ditional on the above prescribed rates on term deposit as per existing policy. However, the benefit of additional interest rate on deposits shall not be available to NRE deposits and benefit of senior citizen / super senior citizen will not be extended in that case.
All the terms and conditions will be applicable to Recurring Deposit scheme and also interest rate will be applicable as per single day limit. Recurring deposit will be done in the multiplication of 100.
Penal rate of interest for premature withdrawal of fixed deposits will be 1?low the contracted rate for the period the deposit has remained with the Bank. However, depositor can get minimum saving bank deposit rate (prevailing at the time of maturity) in case of penal interest rates are below saving deposit rates.
In case of premature withdrawal for renewal of existing term deposit, the bank will permit the renewal at the applicable rate on the date of renewal, provided the deposit is renewed for a period longer than the balance period of the original deposit. While prematurely closing a deposit for the purpose of renewal, interest on the deposit for the period it has remained with the bank will be paid at the rate applicable on the date of deposit to the period for which the deposit remained with the bank or contracted rate of interest whichever is lower, without any penalty.
Premature withdrawal of large deposits held by entities other than individual and Hindu Undivided Families will be allowed only at the Bank’s discretion.
It is advisable to obtain maturity instructions from deposit holder at the time of opening of deposit or at the time of maturity. In case the depositor does not exercise his option of choosing maturity instruction, bank may renew the same for a term equal to the original term at prevailing interest rate on maturity.
Saving Bank deposit rate @ 3.25% per annum, i.e., existing rate of interest to continue.
