Rate of Interest on Deposits

The Rate of Interest on Deposits has been revised in the Board of Directors Meeting dated 24/08/2021 Following is the revised chart for Interest on Deposits.

With Effect From 01/09/2021.
No. Period Domestic Deposits NRE Deposits
(In Rs.)
General & Bulk Deposit less than Rs.100 Lakh Bulk
Deposits of
Rs 100 Lakh
and above
Senior Citizen
1 7 Days to 14 days 3.00% 3.00% 3.50% N.A.
2 15 Days to 90 Days 3.50% 3.25% 4.00% N.A.
3 91 Days to 180 Days 4.50% 4.25% 5.00% N.A.
4 181 Days to below 365 Days 5.00% 4.75% 5.50% N.A.
5 12 Months to 3 Years 5.25% 5.00% 5.75% 5.25%
6 Above 3 Years to 5 Years 5.50% 5.20% 6.00% 5.50%
7 Above 5 Years to 10 Years 5.70% 5.20% 6.20% 5.70%
8 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. 5.50% N.A. 5.50% N.A.
9 Interest Rates on Savings Deposit@ 2.75% p.a. with effect from 15.04.2021.
10 Term Deposits includes all types of Term Deposits including Recurring Deposits.
11 Staff and Retired Staff including Senior Citizen Staff will get 1% additional interest applicable to general category, except for Tax Saving Scheme.
12 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.
13 In case of premature withdrawal of term deposit, 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.

Note : The above changes are effective from 01/09/2021

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