drop image drop image drop image drop image
You are here  »  Personal Banking » Interest Rates
Skip Navigation Links.
 
Deposits


Rate of Interest

Interest on Saving Bank A/c (w.e.f. 1st July 2020)

Scheme
Rate
If balance of the Saving Bank Account at end of the day is upto Rs. 1 Lakh
3.00%
If daily balance of the Saving Bank Account at end of day is above Rs. 1 Lakh
3.00%

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.


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.
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.
In light of the above, we propose to revise the rate of interest, the details of which are as under:
Period
Maturity Brackets
Rate
For General Public
W.e.f. 17/06/2020
Rate
For Senior Citizen
W.e.f. 17/06/2020
7 days to 14 days*
3.00%
3.00%
15 days to 45 days
46 days to 180 days
3.50%
4.00%
181 days to 1 year
4.50%
5.00%
Above 1 year to 10 Year
4.75%
5.25%
* Minimum Deposit of Rs. 5.00 lakh

The rate of interest on Savings Bank Deposit will be @ 3.00%, which will be effective from 01.07.2020.

Notes :
  1. The above schedule of rates of interest up to 1 year will also be applicable to units created through sweeping of Flexi money deposits.
  2. The Preferential Rate of Interest offered to the Staff, Ex-staff, Retired Staff and Staff Employee Union/Federation, etc. will not be given.
  3. 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.
  4. Penalty of 1% shall be applicable to NRE deposits for premature closure of deposits as applicable for resident deposits.
 
Special Schemes
Bal Bhavishya Yojana
Discontinued
Anant Recurring
Deposit-60 Months
Anant Recurring
Deposit-120 Months
PMC Kar Mukt Yojana
PMC 24 (Reintroduced)

* Minimum Deposit of Rs. 5.00 lakh

The revised rate is applicable to both for Fixed & Reinvestment Deposits

 

Rate of Interests for NRI's (Non-resident Indians):
 
The rate of interest on NRE (Rupee) Term Deposits in line with the Domestic Deposit rates :
Maturity Brackets
Revised Rate of Interest w.e.f. 17/06/2020
13 months to 120 months 4.75% p.a.
  1. NRE Deposits for less than one year maturity should not be accepted.
  2. NRE Deposits of Senior Citizens will not be entitled to any additional rate of interest as per extant RBI Guidelines.
  3. No penalty is applicable on premature withdrawal of NRE deposits
  4. Interest payable at quarterly rests only on NRE term deposits

 
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
7 days to 14 days*
3.00%
15 days to 45 days
46 days to 180 days
3.50%
181 days to 1 year
4.50%
Above 1 year to 10 Year
4.75%

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.

Accordingly the rates of interest on FCNR (B) Deposits and Resident Foreign Currency (RFC) Deposits w.e.f 01 st June 2020 are as under:

A) FCNR (B)Term Deposits with effect from 01/06/2020 (valid upto 30/06/2020)are as under:

 
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 0.80 0.77 0.78 0.83 0.88
GBP 0.70 0.77 0.76 0.77 0.80
EUR 0.28 0.21 0.20 0.21 0.23
JPY 0.51 0.48 0.47 0.46 0.46
 
B) RFC Deposits with effect from 01.06.2020 (valid upto 30.06.2020) are as under:

RFC Deposits
Currency 1 year 2 year 3 year
USD 0.80 0.77 0.78
GBP 0.70 0.77 0.76
EUR 0.28 0.21 0.20
1% Penalty on Premature withdrawal will be applicable for both FCNR as well as RFC Deposits.

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


Swap Cost For Loan/Overdraft against FCNR( B) deposits:
Currency SWAP COST (%)  
  6 MONTHS 1YEAR
USD 4.15 4.20
GBP 5.58 5.45
EUR 6.97 6.90
Remarks: SWAP COST is subject to change as per Forex market fluctuations.

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.
 
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
Currency
USD 0.15% p.a.
GBP 0.48% p.a.
EUR 0.22% p.a.
Safe Banking Tips
Internet Banking Login lock
INTERNET BANKING DEMO
Rupay Credit Card Login
Online Visa Bill Pay
  calc CALCULATOR
  rupee PMC BILL PAY
 
connect us at
©  Punjab & Maharashtra Co-operative Bank Limited.
chic logo