Rate of Interest on Deposits

The Rate of Interest on Deposits has been revised in the Board of Directors Meeting dated 30/03/2020. Following is the revised chart for Interest on Deposits.

With Effect From 20/04/2020.
No. Period Domestic Deposits NRE Deposits
(In Rs.)
General Senior Citizen Bulk
Deposits of
Rs 100 Lakh
and above
1 15 Days to 90 Days 4.25% 4.75% 4.00% N.A.
2 91 Days to 180 Days 4.75% 5.25% 4.50% N.A.
3 181 Days to below 365 Days 5.75% 6.25% 5.50% N.A.
4 12 Months to 18 Months 6.50% 7.00% 6.00% 6.50%
5 Above 18 Months to 3 Years 6.60% 7.10% 6.10% 6.60%
6 Above 3 Years to 10 Years 6.50% 7.00% 6.25% 6.50%
7 Tax Saving Scheme for deposit of an individual / HUF for 5 years for exemption under Sec.80C of the Income Tax Act, 1961, (Excluding RD Deposit), Maximum Rs. 1.50 Lakh. 6.50% 7.00% N.A. N.A.
8 Term Deposits includes all types of Term Deposits including Recurring Deposits.
9 Staff and Retired Staff including Senior Citizen Staff will get 1% additional interest applicable to general category.
10 The deposits of Rs. 100.00 lakh and above each of Senior Citizen kept jointly with the close relatives of the Senior Citizen where close relative’s name appears first are also eligible for the rate of interest applicable to the Senior Citizens.
11 In case of premature withdrawal of term deposit, the penalty will be charged @1% from applicable rate of interest for which deposit remained with the Bank.
12 Interest Rates on Saving Deposit @ 3.00% p.a. with effect from 01.04.2020

Note : The above changes are effective from 20.04.2020.

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