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Rate of Interest
Interest on Saving Bank A/c (w.e.f. 1st Nov 2019)
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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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3.50%
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| If daily balance of the Saving Bank Account at end of day is above Rs. 1 Lakh |
3.50%
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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. 1 Lakh per depositor by Deposits Insurance and Credit Guarantee Corporation, Government of India undertaking.
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| Rate of Interest on Term Deposits: |
Period
Maturity Brackets |
Rate
For General Public
W.e.f. 01/11/2019
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Rate
For Senior Citizen Depositors W.e.f 01/11/2019 |
| 7 days to 14 days* |
4.00%
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4.00%
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| 15 days to 45 days |
| 46 days to 90 days |
5.00%
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5.00%
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| 91 days to 180 days |
| 181 days to 270 days |
5.50%
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6.00%
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| 271 days to 12 Months |
| 13 to 17 months |
5.50%
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6.00%
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| 18 months to 24 months |
| 25 months to 36 months |
5.50%
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6.00%
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| 37 months to 60 months |
| 61 months to 120 months |
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Notes :
- Penalty of 1% p.a. levied for premature withdrawal of deposits.
- 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.
- Bank's PLR is 14%(Rate of Interest on Loans and advances are linked to Bank's PLR)
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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. 01/11/2019
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| 13 months to 120 months |
5.50% 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 : |
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Period Maturity Brackets
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Revised Rate of Interest w.e.f. 01/11/2019
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| 7 days to 14 days* |
4.00% p.a.
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| 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
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| 25 months to 36 months
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| 37 months to 60 months
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5.50% p.a. |
| 61 months to 120 months
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5.50% p.a. |
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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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Accordingly the rates of interest on FCNR (B) Deposits and Resident Foreign Currency (RFC) Deposits w.e.f 01 st February 2020 are as under:
A) FCNR (B)Term Deposits with effect from 01/02/2020 (valid upto 29/02/2020)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 |
2.09 |
1.95 |
1.90 |
1.86 |
1.87 |
| GBP |
1.18 |
1.19 |
1.18 |
1.18 |
1.18 |
| EUR |
0.15 |
0.14 |
0.16 |
0.19 |
0.23 |
| JPY |
0.51 |
0.48 |
0.49 |
0.46 |
0.46 |
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| B) RFC Deposits with effect from 01.02.2020 (valid upto 29.02.2020) are as under: |
RFC Deposits |
| Currency |
1 year |
2 year |
3 year |
| USD |
2.09 |
1.95 |
1.90 |
| GBP |
1.18 |
1.19 |
1.18 |
| EUR |
0.15 |
0.14 |
0.16 |
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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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