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Treasury Branch Chennai Tel No.044-28134143 FAX No: 044-28134170

Re: Interest Rates for Deposits of above Rs.5.00Crore

 

Period

Applicable Rate of Interest

as  on 03.03.2016

Period

Above Rs.5  Crores

7 days to 14days

5.00%

15 days to 29 days

5.00%

30 days to 45 days

5.00%

46 days to 90 days

6.00%

91 days to 120 days

6.00%

121 days to 180 days

6.25%

181 days to less than 9 months

6.25%

9 months to less than 1 year

6.50%

1 year

7.25%

Above 1 year to less than 3 years

-

3 years and  above

-

      

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Important:

The above rates will be applicable only for 03.03.2016 Deposits as per the above rates can be accepted by branches with Prior permission of their respective Zonal Offices, who in turn would seek prior permission from H.O. Treasury.

 

Period run

Applicable interest rate on foreclosure of Deposit

7 days to 14 days

No interest will be paid

15 days and above

Eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 0.75% p.a as foreclosure charges

No foreclosure charges is 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.

 We have also put the above rates on our Banks Internet website. We will be updating the website as and when the rates are changed

The quotes are valid for a day and should not be quoted for inter bank deposits and parties enjoying credit facilities with our bank without prior permission of HeadOffice.

 

Please contact nearest Indian Bank Branch for deposits above Rs. 5Crore.

 

The rates quoted are for a single lot under respective slabs. The deposit accepted under each slab should not be split into smaller lots and classified as core deposit.

 

 

Deputy General Manager