Deposits

CORRIGENDUM

DEPOSITS INTEREST RATE

The following revised Interest Rates on Deposits shall come into force with effect from dt.01/08/2019.

Sr. No. Type of Deposits Rate Per Annum Rate Per Annum for Senior Citizen / Co-op. Sty. / Urban Bank / Trust / Staff / Ex-Staff
A

Saving Deposits

4.00% 4.00%
B

Term Deposits

   
1

Deposits for 7 days to 29 days

4.00% 4.50%
2

Deposits for 30 days to 45 days

5.00% 5.50%
3

Deposits for 46 days to 90 days

5.50% 6.00%
4

Deposits for 91 days to 180 days

6.00% 6.50%
5

Deposits for 181 days to 364 days

6.75% 7.25%
6

Deposits for 12 months and upto 2 years

7.25% 7.75%
7

Deposits above 2 years and upto 3 years

7.15% 7.50%
8

Deposits above 3 years and upto 10 years

7.30% 7.50%
  • The revised interest rates are applicable to the fresh deposits received / renewed with maturity on or after 01/08/2019.
  • Interest on Term Deposit shall be calculated at quarterly rests and fraction interest should be rounded off to the nearest rupee.
  • Term deposits shall be accepted for a period mentioned above.
  • Senior Citizens will have to produce Age Proof such as PAN Card, Election Voting Card, Senior Citizen Card etc. (Minimum Age 60 years & above)
  • Own money declaration from Staff / Ex-staff members should be obtained.
  • In case of renewal of an overdue deposit strictly observe terms of our office circular No.MB/H.O. Accounts/F - O.C./2016-2017/3004 dt.21/11/2016.
  • Recurring Deposits shall be accepted for the maximum period of Three years only.
  • The Rate of Interest applicable to pre-matured withdrawal will be 2% less than the rate applicable to the period for which the deposit is remained with the bank. This applicable rate will be those rate which are in force when the said deposit is kept with the bank or 2% below the contract rate, whichever is lower.
  • In case of those depositor/s who is/are not having account with the branch, KYC norms as per RBI directive should be strictly followed before investment.

MUMBAI DISTRICT CENTRAL CO-OPERATIVE BANK LIMITED

"MUMBAI BANK BHAVAN", 207, DR.D. N. ROAD, FORT,  MUMBAI - 400 001.

Phone : 022 - 2261 7154 - 59  I  Fax : 022 - 2267 1527   I  Funds Section Fax No.022 - 2261 8396                  

No. MB/Accounts/F - Rate of Interest/2018-2019/   I   Date: 01/08/2018

CORRIGENDUM

FOR REINVESTMENT DEPOSIT

The rate of interest for aforesaid scheme w.e.f. 01/08/2019 are as under :

Sr. No. Period Individual Senior Citizen/Co-op. Sty./ Urban Bank / Trust / Staff / Ex-Staff
    Contract Rate of Interest (P.A.) Effective rate of Interest (for information) Contract Rate of Interest (P.A.) Effective rate of Interest (P.A.) (for information)
1

For 12 months

7.06% 7.25% 7.53% 7.75%
2

For 15 months

7.00% 7.25% 7.47% 7.75%
3

For 18 months

6.94% 7.25% 7.40% 7.75%
4

For 21 months

6.88% 7.25% 7.33% 7.75%
5

For 24 months

6.83% 7.25% 7.27% 7.75%
6

For 27 months

6.69% 7.15% 6.99% 7.50%
7

For 30 months

6.63% 7.15% 6.93% 7.50%
8

For 33 months

6.58% 7.15% 6.88% 7.50%
9

For 36 months

6.53% 7.15% 6.82% 7.50%
10

For 39 months

6.61% 7.30% 6.77% 7.50%
11

For 42 months

6.56% 7.30% 6.72% 7.50%
12

For 45 months

6.51% 7.30% 6.66% 7.50%
13

For 48 months

6.46% 7.30% 6.61% 7.50%
14

For 51 months

6.41% 7.30% 6.56% 7.50%
15

For 54 months

6.36% 7.30% 6.52% 7.50%
16

For 57 months

6.32% 7.30% 6.47% 7.50%
17

For 60 months

6.27% 7.30% 6.42% 7.50%
18

For 63 months

6.23% 7.30% 6.38% 7.50%
19

For 66 months

6.19% 7.30% 6.33% 7.50%
20

For 69 months

6.14% 7.30% 6.29% 7.50%
21

For 72 months

6.10% 7.30% 6.24% 7.50%
22

For 75 months

6.06% 7.30% 6.20% 7.50%
23

For 78 months

6.02% 7.30% 6.16% 7.50%
24

For 81 months

5.98% 7.30% 6.12% 7.50%
25

For 84 months

5.94% 7.30% 6.08% 7.50%
26

For 87 months

5.90% 7.30% 6.04% 7.50%
27

For 90 months

5.87% 7.30% 6.00% 7.50%
28

For 93 months

5.83% 7.30% 5.96% 7.50%
29

For 96 months

5.79% 7.30% 5.92% 7.50%
30

For 99 months

5.76% 7.30% 5.88% 7.50%
31

For 102 months

5.72% 7.30% 5.85% 7.50%
32

For 105 months

5.69% 7.30% 5.81% 7.50%
33

For 108 months

5.65% 7.30% 5.77% 7.50%
34

For 111 months

5.62% 7.30% 5.74% 7.50%
35

For 114 months

5.59% 7.30% 5.70% 7.50%
36

For 117 months

5.55% 7.30% 5.67% 7.50%
37

For 120 months

5.52% 7.30% 5.64% 7.50%
  • The revised interest rates are applicable only to the fresh Reinvestment, Term deposits received / renewed on or after 01/08/2019.
  • Interest on Reinvestment Deposit shall be calculated & compounded at quarterly rests at contract rate and fraction interest should be rounded off to the nearest rupee.
  • Reinvestment Deposit shall be accepted for the period from 12 months to 120 months in the multiple period of 3 months at contract rates only.
  • Senior Citizen (Minimum Age 60 years & above) will be offered an additional rate of interest as per given slab.
  • Senior Citizens will have to produce Age Proof such as PAN Card, Election Card, Voting Card, Senior Citizen Card etc. (Minimum Age 60 years & above)
  • The facility of additional interest rate as above contract rate is made applicable to the staff members / Ex-staff members of the bank against the receipt of own money declaration.
  • In case of renewal of an overdue deposit strictly adhere terms of our circular No.MB/H.O. Accounts/F – O.C./2016-2017/3004 dt.21/11/2016.
  • The Rate of Interest applicable to pre-matured withdrawal will be 2% less than the rate applicable to the period for which the deposit is remained with the bank. This applicable rate will be those rate which are in force when the said deposit is kept with the bank or 2% below the contract rate, whichever is lower.
  • In case of those depositor/s who is/are not having account with the branch KYC norms as per RBI directive should be strictly followed before investment.
  • The contract interest rate shall be printed on Reinvestment Term Deposit Receipt.