Deposits

DEPOSITS INTEREST RATE CIRCULAR

The following revised Interest Rates on Deposits shall come into force w.e.f dt.01/08/2018.

 

Type of Deposits Rate Per Annum Rate Per Annum for Senior Citizen / Staff / Ex-Staff Rate Per Annum Trust & All Type of Co-op Societies
Saving Deposits 4.00% 4.00% 4.00%
Term Deposits - - -
Deposits for 7 days to 29 days 4.00% 4.50% 4.50%
Deposits for 30 days to 45 days 5.00% 5.50% 5.50%
Deposits for 46 days to 90 days 5.50% 6.00% 6.00%
Deposits 91 days to 180 days 6.00% 6.50% 6.50%
Deposits for 181 days to 364 days 7.00% 7.50% 7.50%
Deposits above 12 months to 24 months 7.50% 8.00% 8.00%
Deposits above 24 months to 36 months 7.15% 7.75% 7.75%
Deposits above 36 months to 60 months 7.30% 7.50% 7.50%
  • The revised interest rates are applicable for deposits received and renewed on or after 01/08/2018.
  • 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/HO.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 prematured 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.