Interest Rates
w.e.f. April 18th, 2018
Savings Account
| SAVING BANK ACCOUNT | RATE OF INTEREST# | |
|---|---|---|
| NORMAL | ||
| Balance upto 1 Lac | 3.75% | |
| Above 1 Lac to 5 Lacs | 4.00% | |
| Above 5 Lacs to 10 Lacs | 5.00% | |
| Above 10 Lacs to 25 Lacs | 5.00% | |
| Above 25 Lacs to 50 Lacs | 5.25% | |
| Above 50 Lacs to 1 Crore | 5.50% | |
| Above 1 Crore to 2 Crore | 6.25% | |
| Above 2 Crore to 5 Crore | 6.25% | |
| Above 5 Crore | 6.25% | |
Note:
- Interest on Saving Bank is calculated on daily basis and paid/credited on quarterly basis.
Fixed Deposits
| Tenure Period | RATE OF INTEREST# | |||
|---|---|---|---|---|
| NORMAL | SENIOR CITIZEN | |||
| Below 25 Lacs | Above 25 Lacs | |||
| 7 days to 14 days | 4.00% | 4.25% | 4.50% | |
| 15 days to 29 days | 5.00% | 5.25% | 5.50% | |
| 30 days to 90 days | 6.00% | 6.25% | 6.50% | |
| 91 days to 179 days | 6.50% | 6.75% | 7.00% | |
| 180 days to 269 days | 6.75% | 7.00% | 7.25% | |
| 270 days to 364 days | 6.75% | 7.00% | 7.25% | |
| 365 days to 400 days | 7.00% | 7.25% | 7.50% | |
| 401 days to 729 days | 7.00% | 7.25% | 7.50% | |
| 730 days and above (upto 3652 days) | 6.75% | 7.00% | 7.25% | |
Recurring/Flexi Recurring Deposit
| Tenure | RATE OF INTEREST# | |
|---|---|---|
| NORMAL | SENIOR CITIZEN | |
| 6 months to less than 9 months | 6.75% | 7.25% |
| 9 months to less than 12 months | 6.75% | 7.25% |
| 1 year to less than 2 years | 7.00% | 7.50% |
| 2 years to 10 years | 6.75% | 7.25% |
(Flexi Recurring Deposit Accounts are opened for term expressed in multiple of quarters. Interest for terms of 6 months and above is compounded quarterly and payable at maturity.)
Note:
- The incentive for Senior Citizens/ Staff will be an additional spread of 0.5% over the above card rates.
- High value deposits of Rs 25 lacs and above will be at an additional spread of 0.25% over the card rates.
- Card rates up to 6 months are on simple interest basis. All rates above 6 months shall be quarterly compounded.
- Tax at source is deducted as per Income Tax regulations prevalent from time to time.
SPECIAL SCHEMES (applicable for all categories including Senior Citizens and High Value deposits)
- SMCB 1.5 The principal amount becomes 1.5 times in 1998 days @ 7.50% (10,000/will become 15,021/-)
- SMCB DOUBLE The principal amount gets doubled in 3410 days @ 7.50% (10,000/will become 20,016/-)
Note:
- A customer can avail additional interest under only one scheme (either in Sr. Citizen or in High Value)
- For Senior citizen age of the first applicant should be 60 years or above. (HUF cannot avail Senior citizen benefits)
- Please note that premature payment will attract 1% penalty on the interest for the period, which the deposit has run, or card rate of original deposit whichever is less
Service Charges
