Interest Rates

Deposit Interest Rates

Rate of Interest in Saving Bank Deposit wef 13-07-2020 : 2.90% per annum.

 

REG: REVISED INTEREST RATES ON TERM DEPOSITS OF LESS THAN RS.2.00 CRORES

Interest Rates on Domestic Term Deposits of Less than Rs.2.00 crores w.e.f. 21.11.2022

Maturity Period Interest Rates on Domestic Term Deposits of Less Than Rs.15 Lakhs

Interest Rates on Domestic Term Deposits of Rs.15 Lakhs and above but less than Rs.2.00 Crores

07 days to 30 days 3.50% 3.50%
31 days to 45 days 3.70% 3.70%
46 days to 90 days 4.50% 4.50%
91 days to 180 days 4.50% 4.50%
181 days to 270 days 5.50% 5.50%
271 days to less than 1 year 5.50% 5.50%
1 year to less than 2 years 6.35% 6.35%
2 years to less than 3 years 6.25% 6.25%
3 years to less than 5 years 6.10% 6.10%
5 years to 10 years 6.10% 6.10%

 

Note:

  • Minimum tenure of Deposit is 7 days and no interest is payable for the deposits prematurely withdrawn within a period of 7 days from the date of deposit.
  • The revised rate of interest will be applicable for new deposits and renewal of existing deposits.
  • The revised rates shall also be applicable on Tax Saver Scheme of the Bank.
  • Additional interest rate of 0.50% p.a. to Senior Citizens shall be allowed across all maturities.*
  • Domestic Term Deposits of serving Staff members shall continue to earn additional interest rate of 1% p.a. across all maturities.
  • Retired Staff Members over 60 Years of age shall continue to earn an additional interest rate of 1.50% p.a. across all maturities.*

 

REG: REVISED INTEREST RATES ON TERM DEPOSITS OF RS.2.00 CRORES AND ABOVE BUT LESS THAN RS.5.00 CRORES

(i) Interest Rates on Domestic Term Deposits (Withdrawable) of Rs.2.00 crores to Less than Rs.5.00 crores w.e.f. 21-11.2022

Maturity Period Revised Interest Rates p.a. w.e.f. 21.11.2022
07 days to 30 days 3.50%
31 days to 45 days 4.50%
46 days to 90 days 5.00%
91 days to 180 days 5.25%
181 days to 270 days 5.75%
271 days to less than 1 year 6.00%
1 year to less than 2 years 6.50%
2 years to less than 3 years 6.50%
3 years to less than 5 years 6.25%
5 years to upto 10 years 6.00%

 

Note:

  • Minimum tenure of Deposit is 7 days and no interest is payable for the deposits prematurely withdrawn within a period of 7 days from the date of deposit.
  • The revised rate of interest will be applicable for new deposits and renewal of existing deposits of amount of Rs.2.00 crore to less than Rs.5.00 crore
  • Additional interest rate of 0.50% p.a. to Senior Citizens shall be allowed across all maturities.*
  • Domestic Term Deposits of serving Staff members shall continue to earn additional interest rate of 1% p.a. across all maturities.
  • Retired Staff Members over 60 Years of age shall continue to earn an additional interest of 1.50% p.a. across all maturities.*
  • Spitting of term deposits in this segment on same day and for same tenure is not allowed.

 

(ii) Interest Rates on Domestic Term Deposits (Non- Withdrawable) of Rs.2.00 crores and above but Less than Rs.5.00 crores w.e.f. 21.11.2022

Revised Interest Rates p.a. w.e.f. 21.11.2022
Maturity Period For Rs.2.00 Crores to Less than Rs.2.50 Crores Above Rs.2.50 Crores to Less than Rs.5.00 Crores
91 days to 180 days 5.35% 5.35%
181 days to 270 days 5.85% 5.85%
271 days to less than 1 year 6.10% 6.10%
1 year to less than 2 years 6.60% 6.60%
2 years to less than 3 years 6.60% 6.60%

 

Terms and conditions:

  • The above rates are applicable for Non-withdrawable fresh Term Deposits and renewal of maturing Term Deposits. Minimum tenure of Non- withdrawable Term Deposit is 91 days and maximum tenure is less than 3 years.
  • Non-withdrawable Term deposit shall not be allowed the facility of premature withdrawal /partial withdrawal/sweep in. However, the Bank may allow premature withdrawal of these deposits in the exceptional circumstance such as in the event of any direction from any judiciary /statutory and / or regulatory authorities or deceased claim settlement cases.
  • The above rates are applicable for Deposits with minimum size of Rs 2.00 Crs.
  • Auto renewal facility shall not be available for Non-Withdrawable Deposit.
  • Business Units should specifically write on TDR that premature withdrawal facility is not available for this deposit.
  • Non-Withdrawal deposit shall not be offered to Staff/Senior Citizens.

*Independence Day special offer for Senior Citizens : Senior Citizen and Bank’s retired staff who are Senior Citizens shall be eligible for additional interest rate of 0.75% and 1.75% respectively (instead of 0.50% and 1.50%) till 15.02.2023 for term deposits of Rs.50,000- &  upto Rs 5.00 crore, contracted for a minimum period of 1 year.