Interest rate on deposit
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Interest rate on deposit
Interest Rate on Deposit
Revision of Rate of Interest on Term Deposits with effect from 5th December, 2022
| Tenure | |||||
| Less than Rs. 1.00 Cr. | Rs. 1.00 Cr. & Above | ||||
| For General / Senior Citizen | |||||
| General | Senior Citizen | Rs. 1.00 Cr. and above but Less than Rs. 25.00 Cr. | Rs. 25.00 Cr. and above but Less than Rs. 100.00 Cr. | Rs. 100.00 Cr. and above | |
| 07-14 days | 4.05 | 4.05 | 4.00 | 4.05 | 4.15 |
| 15-29 days | 4.10 | 4.10 | 4.05 | 4.15 | 4.25 |
| 30-45 days | 4.15 | 4.15 | 4.15 | 4.25 | 4.35 |
| 46-90 days | 4.50 | 4.50 | 4.30 | 4.35 | 4.50 |
| 91-180 days | 5.25 | 5.25 | 4.35 | 4.50 | 4.75 |
| 181 to 364 days | 5.50 | 5.50 | 4.75 | 4.80 | 4.85 |
| 1 year | 7.00 | 7.50 | 7.10 | 7.25 | 7.35 |
| Above 1 year to less than 3 years | 6.75 | 7.00 | 6.50 | 6.55 | 6.60 |
| 3 yrs. to 5 yrs. | 6.50 | 6.75 | 6.25 | 6.30 | 6.35 |
| More than 5 yrs. | 6.25 | 6.50 | 6.00 | 6.05 | 6.10 |
| Revision of Interest rate on Special Scheme with effect from 05/12/2022 | ||||
| For MIS Individual for 3 years | Revised Rate (%) | |||
| Less than Rs. 1.00 Cr. | Rs. 1.00 Cr & Above but Less than Rs. 25.00 Cr. | Rs. 25.00 Cr & Above but Less than Rs. 100.00 Cr. | Rs. 100.00 Cr & Above | |
| For Common People | 6.50 | 6.25 | 6.30 | 6.35 |
| For Senior Citizens | 6.75 | 6.25 | 6.30 | 6.35 |
| Interest on Statutory Fund like RF, BDRF and ACSF and Staff Security Deposit(Highest Rate for 1 Year tenure) | |
| Reserve Fund, Bad Debt Reserve Fund, Agriculture Credit Stabilization Fund [To be verified with supporting documents including Audit Reports] | Revised Rate (%) |
| 7.35 | |
Please note that:-
- No interest is paid if the deposit is held for the tenure below 7 days.
- Acceptance of deposits/renewal of deposit of Rs. 5.00 cr and above is at the discretion of Bank's Authority
- For Interest Rates of Single Bulk Deposit of Rs. 5.00 crore and above is dynamic would be “Negotiable”, Kindly contact nearest Branch or Head Office.
- In case of MIS, Interest will be paid on monthly basis at discounting rate.
- TDS applicable on Term deposits as per amendments in Finance Act time to time.
- TDS will be deducted on the interest earned during the financial year on the total amount of deposits held by a customer in the Bank as a whole, and not on individual deposits held by him branch-wise including Recurring Deposits.
- Submission of Income Tax PAN is mandatory, failing which TDS will be deducted at a higher rate as per Indian Income Tax Laws.
- In case, of reinvestment deposits, the interest reinvested is post TDS recovery and hence the maturity amount for re-investment deposits would vary to the extent of tax and compounding effect on tax for the period subsequent of deduction till maturity.
- For pre-mature withdrawal; the Penal Interest Rate of 1% shall be applicable on the rate. The rate for premature closure will be lower of the rate for the original/contracted tenure for which the deposit has been booked or the rate applicable for the tenure for which the deposit has been in force with the bank. Except in case of death of the depositors.
All concerned are requested to do the needful in this regard.