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Interest Rate


DOMESTIC DEPOSITS (Also applicable for NRO Accounts)
Interest rate on Domestic Deposits w.e.f 19th February 2016

Period

Single Deposit less than Rs.100.00 lacs 

 

         General        

Senior Citizens*

7 days to 45 days

4.00%

4.50%

46 days to 90 days

7.00%

7.50%

91 days to less than 1 year

7.10%

7.60%

1 year to less than 15 months

7.60%

8.10%

15 Months

7.70%

8.20%

Above 15 months to 3 years

7.60%

8.10%

Above 3 years up to and incl.10 years

7.50%

8.00%

Tax Gain

7.50%

8.00%

Rates for single deposit of Rs.100 lacs & above and Premature closure penalty thereon to be obtained from               Head Office - (Treasury Dept.) on a daily basis.

* Special rates for Senior Citizens, applicable only to Residents individually or jointly with another resident citizen.

Penalty is applicable for premature closure of deposits for withdrawal as well as for reinvestment of Term Deposits including Recurring Deposits and Daily Savings Deposits at the rate of 0.50% for deposit amounts below Rs.15 lakhs and 1% for deposit amounts of Rs.15 lakhs and above. The effective rate will be the net of applicable rate for the period of deposit remained with bank (less the penal rate) or the net of original contracted rate (less penal rate) whichever is less.