Interest Rates

w.e.f. November 01th, 2017
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 5 Crore 5.75%
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