w.e.f. October 10, 2023
Interest Rate for Senior Citizens*(%)
|8 - 14 Days||3.00
|15 - 29 Days||3.00
|31 - 45 Days||4.00
|46 - 59 Days||5.25
|60 - 89 Days||5.25
|90 - 99 Days||5.25
|101 - 180 Days||6.75
|181 - 270 Days||6.75
|271 Days - 1 Yr||7.00
|> 1 Yr - 1.5 Yrs||7.75|
|> 1.5 Yrs - 2 Yrs||7.50
|> 2 Yrs - 3 Yrs||8.00|
|> 3 Yrs - 4 Yrs||7.00
|> 4 Yrs - < 5 Yrs||7.00
Please note :
- Interest Rate per annum (%).
- Special interest rates quoted above are applicable for deposits of value less than Rs. 2 crores only.
- No interest is payable for deposits withdrawn prematurely before 7 days.
- Premature withdrawal
In case of premature withdrawal of fixed deposits on 7th day or thereafter, the interest rate will be 1.00% below the applicable interest rate for the deposit. The applicable interest rate will be the rate as on the date of booking for the period for which the deposit has run. This will be applicable for all deposits including renewals.
- Minimum fixed deposit amount is Rs. 20,000.
- Interest Rates are subject to change without prior notice.
- The following interest payout options available for the customer
- *Applicable only for Retail Deposits - Resident Indian Senior Citizens i.e. Resident Individuals of age
60 years & above and excludes Non-Resident individuals, Individuals in their capacity as a Karta in HUFs and all non individuals. Incase of joint accounts the first holder should be a senior citizen to avail of these rates.
- These interest rates will be applicable for new fixed deposits and renewal of existing fixed deposits booked from the effective date given above. These rates will not be applicable for existing deposits booked at earlier rates. As interest rates are subject to change without prior notice, depositor shall ascertain the rates on the value date of the fixed deposit and interest will be paid at the contracted rate irrespective of change in the fixed deposit rates thereafter.
- In case of monthly interest payout, interest shall be calculated for the quarter and paid monthly at a discounted rate in line with RBI directives.In case of deposits where interest is paid out at maturity (cumulative interest bearing deposits), interest is calculated and compounded every quarter, basis account opening date. This interest amount so calculated is added to the principal amount in your term deposit account at the end of every calendar quarter.
- The Bank considers both a leap year (366 days) and a non-leap year (365 days) as 1 completed year for calculating the tenure of a fixed deposit. In case a customer books a fixed deposit for 1 year in a leap or a non-leap year, the interest applicable on this deposit will be for the tenure 1 year. Similarly if a customer books a fixed deposit for 2 years, which is spread over a leap year and a non-leap year, the interest applicable on this deposit will be for the tenure > 1.5 Yrs - 2 Yrs. This condition will be applicable for all tenures >=1 year spanning a leap year and a non-leap year