DEPOSITS INTEREST RATE CIRCULAR
The following revised Interest Rates on Deposits shall come into force with effect from dt.26/08/2020.
|Sr. No.||Type of Deposits||Rate Per Annum||Rate Per Annum|
for Senior Citizen / Co-op.Sty./Urban Bank/Trust/Staff / Ex-Staff
Term Deposits (Fixed & Reinvestment Deposit)
Deposits for 7 days to 29 days
Deposits for 30 days to 90 days
Deposits for 91 days to 180 days
Deposits for 181 days to 364 days
Deposits for 12 months and upto 2 years
Deposits above 2 years and upto 3 years
Deposits above 3 years and upto 5 years
Deposits above 5 years and upto 10 years
- The revised interest rates are applicable to the fresh deposits received / renewed with maturity on or after 26/08/2020.
- Interest on Term Deposit Shall be calculated at quarterly rests and fraction interest
should be rounded off to the nearest rupee.
Interest on Reinvestment Deposit Shall be calculated & Compounded at quarterly rests
and fraction interest should be rounded off to the nearest rupee．
- Term deposits shall be accepted for a period mentioned above.
Reinvestment Deposit shall be accepted for the period from 12 months to 120 months.
- 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 for the facility of additional interest rate as above.
- 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.