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Interest Rates on Domestic Term Deposits % p.a (w.e.f. 07.07.2016) (% per annum)

  • Applicable for single deposit of Rs.1 lakh and above
  • For Deposit of above Rs 5 crore, acceptance of such deposits will be at the approval of the Treasury Branch

IMPORTANT:

  1. For Domestic Term Deposit for Senior Citizens, additional rate of interest payable would be 0.50% p.a. for amount less than  Rs 1 crore. The ceiling is applicable for all types of term deposits standing in the name of the Senior Citizen as the principal account holder at one or more branches put together . The additional rate would be offered on deposits of 15 days to 10 years over the card rate in respect of Short Term Deposits, Fixed Deposits and Reinvestment Plan Schemes. Similarly, for Recurring Deposit accounts, additional interest rate would be eligible for the period from 6 months to 120 months (In multiples of 3 months). The rates are applicable to IB Tax Saver schemes also.

  2. Similarly, additional rate of interest of 1.00% p.a. is offered to Staff/eligible ex-staff members and for Ex Staff cum Senior Citizens, the additional rate of interest is 1.50% p.a.  However, the additional rate of interest offered is for amount less than Rs.1 crore only (comprising all types of Deposits at one or more branches put together) placed by staff members, eligible ex-staff members and eligible senior citizen cum ex-staff members where they are the principal account holders.

  3. The rate of interest on domestic term deposit is also applicable to Capital Gains Scheme Type B (Term Deposits) 1988 Scheme.
  4. The above interest rates are applicable to NRE term deposits also, subject to compliance of all the extant exclusive /specific RBI Guidelines on NRE accounts relating to minimum/maximum term of deposits,category of customer etc.

The revised interest rates on domestic term deposits are applicable only to fresh deposits and on renewal of maturing deposits.

All other terms and conditions remain unchanged.


Foreclosure charges : Applicable for premature withdrawal of Term Deposits – opened or rolled over on or after 07.10.2015 .

Period Run Deposits upto Rs. 5 lakhs Deposits above Rs. 5 lakhs
7 days to 14 days No interest will be paid on foreclosure of deposit No interest will be paid on foreclosure of deposit
15 days and above No penalty to be levied for pre closure of deposits provided the deposit has been retained for atleast 181 days i.e. eligible interest rate will be the applicable card rate for the actual period run prevailing on the date of deposit.  For deposits closed before 181 days, eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1.00% p.a. as foreclosure charges Eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1.00% p.a. as foreclosure charges

No foreclosure charges to be levied for domestic term deposits placed by Corporate/Government Departments (State, Central and Quasi Government), Institutions and non profitable organizations (which exist for Educational / Religious or Charitable reasons and from which its share holders or trustees do not benefit financially) wherein the deposits are placed based on the quotation submitted by the Bank.

No foreclosure charges to be levied for deposits in the name of  staff/ex staff/ex staff cum senior citizen.
* Discretion to disallow foreclosure of large value Term Deposits opened on or after 07.10.2015 : Bank may at its discretion disallow withdrawal of large value Rupee Term Deposits of Rs.5.00 crore and above, before completion of the deposit period agreed upon at the time of placing the deposit.

Penalty for pre-mature withdrawl of NRE and NRO Term deposits and Exercise of discretion to disallow forclosure of large value term deposits –opened or rolled over on or after 07.10.2015 .

Period Deposits above Rs. 5 lakhs
1 year  and above Eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1.00% p.a. as foreclosure charges.
No foreclosure charges to be levied for deposits in the name of staff/ex staff/ex staff cum senior citizen.

All the other extant RBI guidelines as given below, applicable specifically for NRE term deposits hold good:
     *NRE term deposits should be opened for a minimum term of one year.
     *No interest is payable on NRE term deposits pre-closed before one year from the date of opening of the said deposit.     
     *Interest rates on NRE deposits cannot be higher than those offered on comparable domestic rupee term deposits.
     *Additional interest rate of one percent per annum payable to Bank’s own staff is not available in respect of NRE/NRO deposits.
     *If loan/overdraft has been availed against any NRE term deposit, pre-closure of such deposits is not permitted.
     *In the case of premature withdrawal of NRE term deposits for conversion into Resident Foreign Currency (RFC) Account the bank should not           levy any penalty for premature withdrawal



* Pre-closure of FCNR (B) Deposits :
For Closure of FCNR(B) deposits the existing guidelines hold good i.e. if the deposits is closed before due date ,interest rate for the period run without penalty or the contracted rate without penalty , which ever is less , is applicable .

Interest Rates on SB / NRO / NRE Accounts (Savings Bank Account, No Frill account, Non Resident Ordinary and Non Resident External Account)

NRE Term Deposits Deposits in various foreign currencies for 1, 2, 3, 4 and 5 year terms
FCNR (B) DEPOSITS and RFC TERM DEPOSITS Deposits in various foreign currencies for 1, 2, 3, 4 and 5 year terms
 
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