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REVISION OF INTEREST RATES ON DEPOSITS
Interest Rates on Deposits
Revised ROI On Deposits-DOMESTIC/NRO/NRE-REVISION
(w.e.f. 01-05-2020)
|
Period of Deposit |
Interest payable on deposits below Rs.50 Lakhs |
Interest payable on deposits above Rs.50 Lakhs |
|
7 to 14 days |
4.00%p.a |
3.50%p.a |
|
15 to 30 days |
4.00%p.a |
3.50%p.a |
|
31 to 60 days |
4.00%p.a |
3.50%p.a |
|
61 to 179 days |
5.50%p.a |
4.50%p.a |
|
180 days to 364 days |
6.10%p.a |
5.55%p.a |
|
1 year to less than 2 years |
6.30%p.a |
5.90%p.a |
|
2 year to less than 3 years |
6.30%p.a |
5.90%p.a |
|
3 year to less than 5 years |
6.10%p.a |
5.70%p.a |
|
5 years to 10 years |
6.10%p.a |
5.70%p.a |
Savings Bank A/c s: 3.0% Per Annum.(w.e.f-01-06-2020)
Note-For NRE deposits minimum tenor would be 12 months.
Senior Citizens: · Senior citizens will get 0.50% additional interest on all deposits.
|
S.No |
Special Deposit Product |
Scheme Duration |
Principal amount/Unit Amount (Rs) |
Interest payable on deposits below Rs.50 Lakhs |
Interest payable on deposits above Rs.50 Lakhs |
||
|
General Public |
Senior Citizen |
General Public |
Senior Citizen |
||||
|
1 |
Vikas 18 |
18 Months |
Rs.18000/- (In multiples) |
6.30 |
6.80 |
5.90 |
6.40 |
|
2 |
Vikas 51 |
60 months |
Rs.51000/- |
6.10 |
6.60 |
5.70 |
6.20 |
|
3 |
VikasPatra |
36 months |
Rs.800/- (Multiples) |
6.10 |
6.60 |
5.70 |
6.20 |
I. Terms and conditions for acceptance of bulk deposits (Rs.50 lakhs and above):
- Acceptance of deposits of Rs.50 lakhs and above is at the discretion of the Bank and branches have to get prior permission from Treasury department, Head Office through respective ROs.
- Splitting of deposits from an individual customer to accommodate them under Retail customers and pay higher rate is strictly not allowed.
- Deposit will be booked upon availability of clear funds with the bank and applicable interest rate will be given as on the date of receipt of the funds by the bank.
- Interest rates and minimum deposit value are subject to change without prior notice.
- As interest rates are subject to change without prior notice, depositor shall ascertain the rates on the value date of Fixed deposit.
- The interest rate applicable on multiple deposits, across all channels, made by the same customer in a single day in one particular tenor bucket would be the rate which is applicable for the aggregate value.
- Tax at source is deducted as per the Income Tax regulations prevalent from time to time.
- The deposit will be booked with maturity instructions as ‘Do Not Renew’. Auto renewal facility is not available for Bulk Deposits at time of opening of the Fixed Deposit account. As such maturity instructions should be given invariably on the date of opening.
Pre-closure penalty of term deposits:
a)The interest shall be 1% below the rate applicable at the time of Deposits for the period Deposit remained with the Bank or 1% below the contracted rate, whichever is lower, i.e. in case the rate, to be made applicable on premature withdrawal/ payment is going to be higher than the contractual rate, the rate which is lower should be made applicable. However, no interest will be paid on Deposits which remain for a period of less than 7 days
b) These instructions are also applicable for premature withdrawal of existing term deposits.
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