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Deposits


Rate of Interest

Interest on Saving Bank A/c (w.e.f. 1st Nov 2019)

Scheme
Rate
If balance of the Saving Bank Account at end of the day is upto Rs. 1 Lakh
3.50%
If daily balance of the Saving Bank Account at end of day is above Rs. 1 Lakh
3.50%

Interest on term deposits to be paid Monthly, Quarterly, Half-yearly, & re-invested by quaterly compounding.

Your Deposits are insured up to Rs. 1 Lakh per depositor by Deposits Insurance and Credit Guarantee Corporation, Government of India undertaking.


Rate of Interest on Term Deposits:
Period
Maturity Brackets
Rate
For General Public
W.e.f. 01/11/2019
Rate
For Senior Citizen Depositors W.e.f 01/11/2019
7 days to 14 days*
4.00%
4.00%
15 days to 45 days
46 days to 90 days
5.00%
5.00%
91 days to 180 days
181 days to 270 days
5.50%
6.00%
271 days to 12 Months
13 to 17 months
5.50%
6.00%
18 months to 24 months
25 months to 36 months
5.50%
6.00%
37 months to 60 months
61 months to 120 months
Notes :
  1. Penalty of 1% p.a. levied for premature withdrawal of deposits.
  2. Rate of interest of 4.00% on deposit for a period of 7 - 14 days will be given provided deposit is Rs. 5,00,000.00 and above.
  3. Bank's PLR is 14%(Rate of Interest on Loans and advances are linked to Bank's PLR)
 
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. 01/11/2019
13 months to 120 months 5.50% 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
Revised Rate of Interest w.e.f. 01/11/2019
7 days to 14 days* 4.00% p.a.
15 days to 45 days
46 days to 90 days 5.00% p.a.
91 days to 180 days
181 days to 270 days 5.50% p.a.
271 days to 12 months
13 to 17 months
18 months to 24 months
25 months to 36 months
37 months to 60 months 5.50% p.a.
61 months to 120 months 5.50% p.a.

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 November 2019 are as under:

A) FCNR (B)Term Deposits with effect from 01/11/2019 (valid upto 30/11/2019)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 2.22 2.12 2.05 2.06 2.05
GBP 1.24 1.27 1.26 1.26 1.26
EUR 0.15 0.14 0.17 0.20 0.25
JPY 0.43 0.41 0.41 0.39 0.40
 
B) RFC Deposits with effect from 01.11.2019 (valid upto 30.11.2019) are as under:

RFC Deposits
Currency 1 year 2 year 3 year
USD 2.22 2.12 2.05
GBP 1.24 1.27 1.26
EUR 0.15 0.14 0.17
1% Penalty on Premature withdrawal will be applicable for both FCNR as well as RFC Deposits.


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.
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