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Rate of Interest
Interest on Saving Bank A/c (w.e.f. 1st July 2020)
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Scheme
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Rate
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If balance of the Saving Bank Account at end of the day is upto Rs. 1 Lakh
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3.00%
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| If daily balance of the Saving Bank Account at end of day is above Rs. 1 Lakh |
3.00%
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Interest on term deposits to be paid Monthly, Quarterly, Half-yearly, & re-invested by quaterly compounding.
Your Deposits are insured up to Rs. 5 Lakh per depositor by Deposits Insurance and Credit Guarantee Corporation, Government of India undertaking.
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| Rate of Interest on Term Deposits: |
The rate of interest was last revised with effect from 11.05.2020. While revising the rate
of interest, we have taken into consideration the existing market scenario and deposit
structure of the Bank.
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Now, a need has arisen to revise the rate of interest due to various reasons, especially
with regard to the economic slowdown on account of the effects of COVID-19.
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In light of the above, we propose to revise the rate of interest, the details of which are
as under:
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Period
Maturity Brackets |
Rate
For General Public
W.e.f. 17/06/2020
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Rate
For Senior Citizen
W.e.f. 17/06/2020
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| 7 days to 14 days* |
3.00%
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3.00%
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| 15 days to 45 days |
| 46 days to 180 days |
3.50%
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4.00%
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| 181 days to 1 year |
4.50%
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5.00%
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| Above 1 year to 10 Year |
4.75%
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5.25%
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| * Minimum Deposit of Rs. 5.00 lakh |
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The rate of interest on Savings Bank Deposit will be @ 3.00%, which will be effective from 01.07.2020.
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Notes :
- The above schedule of rates of interest up to 1 year will also be applicable to units created through sweeping of Flexi money deposits.
- The Preferential Rate of Interest offered to the Staff, Ex-staff, Retired Staff and Staff Employee Union/Federation, etc. will not be given.
- The Preferential Rate of Interest offered to the Individuals and Institutional customers based on parameters of long lasting relationship, size of ticket and total holdings shall discontinue from due date of existing Term deposits.
- Penalty of 1% shall be applicable to NRE deposits for premature closure of deposits as applicable for resident deposits.
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| Special Schemes |
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Bal Bhavishya Yojana
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Discontinued
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Anant Recurring
Deposit-60 Months
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Anant Recurring
Deposit-120 Months
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PMC Kar Mukt Yojana
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PMC 24 (Reintroduced)
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* Minimum Deposit of Rs. 5.00 lakh
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The revised rate is applicable to both for Fixed & Reinvestment Deposits
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| Rate of Interests for NRI's (Non-resident Indians): |
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| The rate of interest on NRE (Rupee) Term Deposits in line with the Domestic Deposit rates : |
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Maturity Brackets
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Revised Rate of Interest w.e.f. 17/06/2020
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| 13 months to 120 months |
4.75% p.a. |
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- NRE Deposits for less than one year maturity should not be accepted.
- NRE Deposits of Senior Citizens will not be entitled to any additional rate of interest as per extant RBI Guidelines.
- No penalty is applicable on premature withdrawal of NRE deposits
- Interest payable at quarterly rests only on NRE term deposits
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| The rate of interest on NRO (Rupee) Term Deposits
in line with the Domestic Deposit rates : |
Period
Maturity Brackets |
Rate
For General Public
W.e.f. 17/06/2020
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| 7 days to 14 days* |
3.00%
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| 15 days to 45 days |
| 46 days to 180 days |
3.50%
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| 181 days to 1 year |
4.50%
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| Above 1 year to 10 Year |
4.75%
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Note :
- NRO Deposits of Senior Citizens will not be entitled to any additional rate of interest as per extant RBI Guidelines.
- Interest payable at quarterly rests only on NRO Term Deposits.
- TDS to be deducted as applicable on interest payable in respect of all NRO Savings /Term Deposits.
- Penalty of 1% p.a. will be applicable for premature withdrawal of NRO deposits.
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As per guidelines issued by RBI under FEMA, we are required to reset the rate of interest on FCNR Deposit Accounts on monthly basis within the ceiling prescribed by RBI.
Taking into consideration the market scenario and deposit structure of our Bank, it is decided to revise the rates of interest on FCNR (B) Deposits and Resident Foreign Currency (RFC) Deposits w.e.f 01st July, 2021 as under:
A) FCNR (B) Term Deposits with effect from 01/12/2021 (valid upto 31/12/2021) are as under:
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| FCNR (B) deposits |
| Currency |
1 years to less than 2 years |
2 years to less than 3 years |
3 years to less than 4 years |
4 years to less than 5 years |
5 years only |
| USD |
0.01 |
0.01 |
0.01 |
0.01 |
0.01 |
| GBP |
0.01 |
0.01 |
0.01 |
0.01 |
0.01 |
| EUR |
0.01 |
0.01 |
0.01 |
0.01 |
0.01 |
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| Further, as we do not hold FCNR deposits in JPY currency, the rates are withdrawn |
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| B) RFC Deposits with effect from 01.12.2021 (valid upto 31.12.2021) are as under: |
RFC Deposits |
| Currency |
1 year |
2 year |
3 year |
| USD |
0.01 |
0.01 |
0.01 |
| GBP |
0.01 |
0.01 |
0.01 |
| EUR |
0.01 |
0.01 |
0.01 |
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1% Penalty on Premature withdrawal will be applicable for both FCNR as well as RFC Deposits.
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The Bank is directed not to accept fresh deposits however Bank may renew the existing term deposits on maturity in the same name and same capacity |
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Swap Cost For Loan/Overdraft against FCNR( B) deposits: |
| Currency |
SWAP COST (%) |
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6 MONTHS |
1YEAR |
| USD |
4.15 |
4.20 |
| GBP |
5.58 |
5.45 |
| EUR |
6.97 |
6.90 |
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| Remarks: SWAP COST is subject to change as per Forex market fluctuations. |
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| FCNR deposit accounts and Loans/Overdrafts would be maintained at our "B" category Branches i.e Bhandup, Andheri Branch, Karol Baug - Delhi and Rajaji Nagar - Bengaluru.
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| The Rate of Interest on RFC Savings for all the three currencies i.e. USD, GBP and EURO based on prevailing LIBOR/EURIBOR is as under
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| Currency |
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| USD |
0.15% p.a. |
| GBP |
0.48% p.a. |
| EUR |
0.22% p.a. |
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