Conditions apply including penalty on premature closure/part withdrawal/ premature renewal as under:
- Interest rates as above are subject to change from time to time.
- The revised rates are applicable for fresh deposits and renewal of old deposits.
- The overdue deposit (i.e. term deposit which has matured) will be paid interest at prevailing Savings Bank Rate for the overdue period. If such deposit is continued (entire amount or in part), the same will be treated as a fresh term deposit from the date of presentation, at the rate prevailing on the date of presentation for the period of fresh term deposit
- Premature withdrawal penalty will be charged at the rate of 1% p.a. on all deposits. The revised guideline is applicable to fresh deposits accepted and on renewal of deposits maturing on or after 09/11/2014.
- No interest shall be paid on any Term Deposit prematurely closed in less than 7 days.
- In case of premature renewal of deposits, including Staff deposits for deposits accepted on or after 25.11.2010, penalty of 1% is applicable. This clause is not applicable to Deposits opened prior to 25.11.2010.
Additional Interest benefit for Senior Citizens will continue to be 0.50% for deposits of less than Rs.1 Cr effective from 25.04.2012 for all maturities of 91 days and above. However, deposits of Senior citizens opened under NRO, NRE, HUF, Capital Gains (B) and Special deposit Scheme (open if any) are not eligible for this benefit.
For further details/information, please contact the nearest branch of the Bank.
Acceptance of deposits of Rs. 1 Cr and above is at the discretion of the Bank.
One month prior Notice is required for premature closure of Bulk Deposits of Rs. 50.00 Crore and above.