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Interest Rate

Rupee Term Deposit Rate

  • Bank has revised rate of Interest on Domestic / NRO Term Deposits as follows:-
    Maturity Buckets Deposits less than Rs.2 Cr Rs.2 Cr & above but less than Rs.10 Crs
      w.e.f. 01.10.2020 w.e.f. 01.09.2020
    7 days to 14 days 3.25* 3.00
    15 days to 30 days 3.25 3.00
    31 days to 45 days 3.25 3.00
    46 days to 90 days 4.25 3.20
    91 days to 179 days 4.25 3.25
    180 days to 269 days 4.75 3.25
    270 days to less than 1 year 4.75 3.25
    1 Year & above but less than 2 Yrs 5.25 3.50
    2 years & above to less than 3 years 5.30 3.50
    3 years & above to less than 5 years 5.30 3.50
    5 years & above to less than 8 years 5.30 3.50
    8 years & above to 10 years 5.30 3.50

    *Minimum Deposit Rs.1 Lakh

    Rs.10 Cr & above

    Maturity Buckets For deposit of Rs 10 cr and above
      w.e.f. 19.12.2020
    7 days to 14 days 2.75
    15 days to 30 days 2.75
    31 days to 45 days 2.75
    46 days to 90 days 2.75
    91 days to 120 days 2.75
    121 days to 179 days 2.75
    180 days to 269 days 2.90
    270 days to less than 1 year 2.90
    1 Year 3.00
    1 Year & above but less than 2 Yrs 3.00
    2 years & above but less than 3 years 3.00
    3 years & to less than 5 years 3.00
    5 years & to less than 8 years 3.00
    8 years & above to 10 years 3.00

    Before quoting deposit rates of Rs. 10 Cr and above, Branches to contact Treasury Branch

    Non-Callable Rupee Term Deposit scheme has been suspended w.e.f. 10.07.2017

  • Rate for Senior Citizen Deposits
    • 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 for term deposits of 6 Months & Above to 10 years.
    • Similarly, 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) for term deposits of 6 Months & Above to 10 years.
  • Additional Rate of Interest applicability on various Rupee Term Deposits
    Type of Accounts 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

  • Penalty Details
    Category of the deposits Penalty on premature withdrawal of the deposit
    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.

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