Interest Rates

Interest Rates

Deposit Rate

Term Deposits (Other than NRE)
Maturity Band Less than Rs.2 Crore(applicable for domestic, NRO and Capital Gains deposits)
7 to 14 days
4.75
15 to 45 days
4.75
46 to 60 days
5.50
61 to 90 days
6.00
91 to 120 days
6.10
121 to 180 days
6.10
181 to 270 days
6.25
271 days to less than 1 year
6.30
1 year
6.60
1 year to 554 days
6.50
555 days only
6.55
556 days to 665 days
6.55
666 days
6.65
667 days to less than 3 years
6.50
3 years & Above
6.50

Conditions apply including penalty on premature closure/part withdrawal/ premature renewal as under:

  1. Interest rates as above are subject to change from time to time.
  2. The revised rates are applicable for fresh deposits and renewal of old deposits.
  3. 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
  4. 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.
  5. No interest shall be paid on any Term Deposit prematurely closed in less than 7 days.
  6. 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.

Senior Citizens

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.

 

 

NRE TERM DEPOSITS 

 

1
The Interest rates on NRE Term Deposits are revised w.e.f. 06.11.2019 hereunder:

 

Maturity Period Less than Rs.2 crore

Rs.2 Cr less than Rs.10Cr 

Rs.10 Cr less than Rs.50Cr

Rs.50 Cr less than Rs.100Cr

Rs.100 Cr & above 

1 Year
6.60
6.25
5.00
5.00
5.00
>1 Year to 554 days
6.50
6.10
5.00
5.00
5.00
555 days only
6.55
6.15
5.25
5.40
5.30
556 days to 665 days
6.55
6.15
5.25
5.40
5.30
666 days only
6.65
6.25
5.25
5.40
5.30
667 days to less than 3 years
6.50
6.10
5.25
5.40
5.30
3 years and above
6.50
6.10
5.00
5.00
5.00

 

2
No interest will be paid, if any NRE Term Deposit is closed prematurely before completion of 12 months from the date of deposit.

 

3
Penalty on premature withdrawal at 0.50% p.a will be charged on deposits above Rs.1 Crore accepted/renewed on or after 03.01.2012.

 

4 For accepting deposits of Rs.1 Cr and above, prior permission from T&ID-CRR Desk is to be obtained invariably. Further, inflows/outflows of Rs.1 Cr & above are to be reported to T&ID-CRR Desk under copy to P&OD [RMD] HO by the Branches.

 

5 Additional interest benefit to Senior Citizens is not available for NRI deposits.

6
Restriction clause on premature withdrawal of fresh deposits accepted and renewal of maturing deposits of Rs.5 Crore and above is introduced with effect from 01.08.2015 vide memorandum 142/2015 dated 29.07.2015.

 

7
Interest rates chart should be prominently displayed on the Branch Notice Board by all the Branches

 

8
Splitting/slicing of deposits to obtain higher rate of interest is prohibited

9
All other terms and conditions remain unchanged

 

Sub: Interest Rates on FCNR (B) Deposits


With effect from 01st November, 2019

1. The interest rates on FCNR (B) deposits stand revised as follows with effect from 01st November, 2019.

 

Period of deposit

Interest Rates (per annum)

USD

  GBP

EUR

AUD

CAD

<3 lac

>=3 lac

1 year to less than 2 years

2.47

 

 

2.67

 

 

1.24

0.15

1.39

2.59

2 years to less than 3 years

2.37

 

 

2.37

 

 

1.27

0.14

1.35

2.34

3 years to less than 4 years

 

 

2.30

 

 

2.30

 

 

1.26

0.16

1.37

2.32

4 years to less than 5 years

 

 

2.31

 

 

2.31

 

 

1.26

0.20

1.50

2.31

5 years

 

 

2.30

 

 

2.30

 

 

1.26

0.25

1.54

2.30

 

 


2 The above revised interest rates will be applicable only to fresh deposits and on renewal of deposits maturing on or after 01st November 2019. However, for the renewal of deposits within 14 days from due date (both days inclusive), the rate of interest payable on the amount of the deposit so renewed shall be the applicable rate of interest for the period of renewal, as prevailing on the date of maturity or on the date when the depositor seeks renewal, whichever is lower

3 With regard to interest rates on  RFC accounts denominated in USD, GBP and EUR,  we advise that:

3.1 Interest rate on RFC-SB accounts is 0.50% p.a.

3.2 On RFC term deposits with maturities less than 1 year (1 month, 2 months, 3 months and 6 months) the interest rate shall be the prevailing LIBOR plus 50 basis points for the respective maturities and the same shall be advised to the DBs and Zonal Offices by the division on a daily basis through card rate as is being done hitherto.

3.3 In case of RFC deposits for periods one year and above and up to a maximum of 3 years the rates as applicable to FCNR (B) deposits of respective tenures shall apply.
4 As per the guidelines issued by RBI vide DBOD No.Dir.BC.50/13.03.00/2004-05 dated 01.11.04, the banks are required to revise the interest rates on FCNR (B) deposits as per the LIBOR/Swap rates prevailing on the last day of the previous month. As such, the division shall be revising the interest rates during the first week of every month. Branches are requested to take note of the frequency of revision of interest rates.
5 Deposits can be opened in designated currencies with a minimum deposit amount of – AUD 1000, CAD 1000, EUR 1000, GBP 1000, USD 1000.
6 RFC Deposits are to be opened for the specified period's viz. 1 month, 2 month, 3 months, 6 months and 1 year and up to a maximum of 3 years.
REVISION OF NOTIONAL RATES

Currency

Notional Rate (in Rs)

 
Existing
Effective from 27th September 2019
USD
70.00
71.00
GBP
89.00
87.00
EUR
79.00
78.00
JPY (per 100 units)
64.00
66.00
AUD
49.00
48.00
CAD
52.00
54.00
SGD
51.00
51.00
CHF
70.00
71.00
AED
19.00
19.00
SEK
9.00
9.00

 

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