The period of deposit should be for 6 months & above , for availing benefit of additional rate applicable to Senior Citizens / Staff/Ex-Staff Senior Citizen.
The Senior Citizen / Senior Citizen Staff/Ex-staff should be the first account holder and his/her age should be more than 60 Years at the time of placing the deposit.
0.50% p.a. additional rate of interest over and above card rates for General Public for minimum deposits of Rs.5000/-(in case of Term Deposits) & Rs.100/- (in case of Normal RD account & Rs.1000/- for Flexi RD Accounts) up to Rs.2 Crore
1.50% p.a. additional rate of interest over and above card rates (for Staff/Ex-Staff Senior Citizens, Spouse in case of deceased Staff/Ex-Staff) on their deposits below Rs.2 Crore (i.e.1% Staff Rate + 0.50% Senior Citizen Rate of Interest).
Additional Staff Rate applicable to Staff/Ex-Staff
Additional Senior Citizen Rate applicable to Senior Citizen/Ex-Staff Senior Citizen
HUF
Not Applicable
Not Applicable
Capital Gain Scheme
Not Applicable
Not Applicable
NRE/NRO Deposits
Not Applicable
Not Applicable
In case of premature withdrawal, “the applicable rate of interest on the date of acceptance of deposit for the actual period which the deposit has remained with the bank or contracted rate of interest whichever is LOWER shall be applicable.”*(Please refer Penalty Details under Retail -> deposits -> Term -> Penalty Details).
No interest will be paid for premature withdrawal below 7 days in case of Term Deposits,below 3 months in case of Recurring Deposits and below 12 months in case of NRE Deposits.
Deposits Accepted/ Renewed On or After 01.04.2016
Please Note Penalty on Premature Withdrawals shall be Applicable for Fresh / Renewed Deposits w.e.f. 01-04-2016
Deposits less than Rs. 5 Lacs withdrawn on or after completion of 12 months
NIL
Deposits less than Rs. 5 Lacs withdrawn prematurely before completion of 12 months
0.50%
Deposits of Rs. 5 Lacs & above withdrawn prematurely
1.00%
* In case of the deposits which have been prematurely closed for renewing for a longer period than the remaining period of the original contract tenure, there shall be “No penalty” for the premature withdrawal irrespective of the amount of the deposit.
* No Penalty for the premature withdrawal of Term deposits due to death of depositor/s
* No penalty on premature withdrawals of Term Deposits by Staff, Ex- Staff, Staff/Ex-Staff Senior Citizens and spouse of deceased staff as a first account holder
Please Note the penalty applicable in the Capital Gain Account Scheme shall remain unchanged.
TDS applicable on Term deposits( as per amendments in Finance Act 2015)
TDS will be deducted on the interest earned on the total amount of deposits held by a customer in the Bank as a whole, and not on individual deposits held by him branch-wise including Recurring Deposits.
