Interest Rates on Deposit Schemes

It has been decided by the Bank to revise the interest rate structure for Domestic Term Deposits of different maturities with effect from 21.08.17. The revised interest rates are as under:-

TENOR  Existing Interest
Rate p.a. (%)
Revised Interest Rate p.a. (%)
(w.e.f. 21.08.2017)
15 days to 45 days
5.50
5.50
46 days to 90 days
6.00
6.00
91 days to 180 days
6.50
6.50
181 days to < 1 year
7.00
7.00
1 year
7.10
6.80
Above 1 year and upto 10 years
7.10
6.80

Sr. Citizen - 0.50 % additional intt.
Staff – 1.00% additional intt.
Sr. Citizen+ Staff –1.50% additional intt.
Branches are advised to take a note of the above and be guided accordingly.

PENAL RATE OF INTEREST FOR PREMATURE WITHDRAWAL OF DOMESTIC TERM DEPOSITS
Period of Deposit Amount of Deposit Penal Rate of Interest
Switching of deposits from one scheme to other in our bank  Any Amount  No penal rate to be charged
Premature closure of term deposits in our bank  Any Amount  Intt. Rate is reduced by 1.00 %
Savings Deposit Account
Interest Rate % p.a.
3.50

TDS on interest : Interest is liable to tax under section 194A or section 195 of Income Tax Act, on the basis of annual accrual or receipt, depending upon the method of accounting followed by the assessee.

Pledging of the Term Deposit : Available.
Nomination : Available.