The revised interest rates on Term Deposits w.e.f. 19.01.2023 will be as under :
Interest Rate (% p.a.)
Applicable w.e.f. 11.03.2024 |
Term
Deposit/Duration |
General Public, Trusts, N.R.O depositors,Co-op. Societies including Housing,
Credit societies, etc. and Bulk Deposits
|
Senior Citizen |
| 100 days |
5.50
& for 1 Crore & above - 6.00
|
|
| 200 days |
6.75 |
7.25 |
| 401 days |
7.35 |
7.85 |
Interest Rate (% p.a.)
Applicable w.e.f. 11.03.2024 |
Term
Deposit/Duration |
General Public, Trusts, N.R.O depositors,Co-op. Societies including Housing, Credit societies, etc. and Bulk Deposits |
Senior Citizens |
7 Days and above upto &
inclusive 90 days |
4.25 |
4.50 |
| 91 days & above upto and inclusive of 180 days |
5.50 |
6.00 |
| 181 Days and above upto & inclusive of 12 months |
6.60 |
7.10 |
| Above 12 months and upto and inclusive of 24 months |
7.00 |
7.50 |
| Above 24 months and upto and inclusive of 36 months [ New Maturity Bracket ] |
7.25 |
7.75 |
| Above 36 months and up to & inclusive of 120 months |
6.25 |
6.50 |
Abhyudaya Tax Saving Scheme (ATSS), Rate of Interest is 6.25 % p.a.
The Rules for Renewal of Term Deposit stands revised w.e.f. 15.04.2014 :-
- On due date of the Term Deposit, the depositor should furnish Term Deposit Receipt to the Branch with instructions for renewal or disbursement of the principal amount of the deposit and interest due thereon, failing which the term deposit will be renewed for the similar term with prevailing rate of interest.
- After auto-renewal of deposits, if the deposit is withdrawn within 7 days from the date of renewal, then no interest will be paid.
- If the deposit is withdrawn after completion of 7 days from the date of auto-renewal then interest shall be paid at the applicable rate by deducting penalty @ 1% for the period the deposit has actually remained with the Bank.
-
- If the depositor approaches the Bank within 15 days from the date of auto-renewal of deposit and request for change in the term for shorter period, no penalty of 1% will be levied and as per the request of the depositor the term of deposit will be changed for shorter period and due date will be calculated from the date of renewal of the deposit.
- If the depositor approaches the Bank after 15 days from the date of auto-renewal of deposit and request for change of the term for shorter period, then interest shall be paid at the applicable rate by deducting penalty @1% for the period the deposit has actually remained with the bank and a fresh receipt for shorter period from the date of request will be issued.
- In case of premature closure at any time of auto-renewed deposits for the purpose of re-investment for a longer period, no penalty will be charged.
Term Deposit Interest subject to TDS applicable from time to time.