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Deposits

DEPOSITS INTEREST RATE CIRCULAR

The following revised Interest Rates on Deposits shall come into force w.e.f dt.09/01/2013.

Sr.No Type of Deposits Rate Per Annum Rate Per Annum for Senior Citizen / Staff / Ex-Staff / Senior Citizen Ex-Staff
A Saving Deposits 4.00% 4.00%
B Term Deposits    
1 Deposits for 7 days to 14 days
(for single deposit of `.15 lacs & above)
4.00% 4.50%
2 Deposits for 15 days to 29 days 4.50% 5.00%
3 Deposits for 30 days to 45 days 7.50% 8.00%
4 Deposits for 46 days to 90 days 7.75% 8.25%
5 Deposits for 91 days to 180 days 8.00% 8.50%
6 Deposits for 181 days to 12 months 8.50% 9.00%
7 Deposits above 12 months to 15 months 8.75% 9.25%
8 Deposits above 15 months to 18 months 9.10% 9.60%
9 Deposits above 18 months to 36 months. 8.80% 9.30%
10 Deposits above 36 months to 120 months 7.50% 8.00%
  • The revised interest rates are applicable for deposits received and renewed on or after 12/04/2013.
  • 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 Citizen (Minimum Age 60 years & above) & Staff / Ex-Staff / Senior Citizen Ex-Staff members will be offered an additional rate of interest @0.50% only.
  • Senior Citizens will have to produce Age Proof such as PAN Card, Election Voting Card, Senior Citizen Card etc.
  • Facility of Half Percent more interest rate than the above rate be made applicable to the staff members/ Ex-staff members of the Bank by obtaining own money declaration from Staff / Ex-staff members.
  • Recurring Deposits shall be accepted for the maximum period of Three years only.
  • In case of premature withdrawal, the interest paid to the depositor shall be 2% below the rate applicable for the period the deposit has remained with the Bank or 2% below the contracted rate, whichever is lower.

INTEREST RATE CIRCULAR FOR CASH CERTIFICATE DEPOSIT

The rate of interest for aforesaid scheme are as follows and they are effective from 09.01.2013.

Sr.No Period Contract Rate of Interest (P.A.) Effective rate of Interest (for information)
1 For 12 months 8.25% 8.50%
2 For 15 months 8.40% 8.75%
3 For 18 months 8.65% 9.10%
4 For 21 months 8.30% 8.80%
5 For 24 months 8.20% 8.80%
6 For 27 months 8.15% 8.80%
7 For 30 months 8.05% 8.80%
8 For 33 months 8.00% 8.80%
9 For 36 months 7.90% 8.80%
10 For 39 months 6.80% 7.50%
11 For 42 months 6.75% 7.50%
12 For 45 months 6.70% 7.50%
13 For 48 months 6.65% 7.50%
14 For 51 months 6.60% 7.50%
15 For 54 months 6.55% 7.50%
16 For 57 months 6.50% 7.50%
17 For 60 months 6.45% 7.50%
18 For 63 months 6.40 % 7.50%
19 For 66 months 6.35% 7.50%
20 For 69 months 6.30% 7.50%
21 For 72 months 6.25% 7.50%
22 For 75 months 6.20% 7.50%
23 For 78 months 6.15% 7.50%
24 For 81 months 6.15% 7.50%
25 For 84 months 6.10% 7.50%
26 For 87 months 6.05% 7.50%
27 For 90 months 6.00% 7.50%
28 For 93 months 5.95% 7.50%
29 For 96 months 5.90% 7.50%
30 For 99 months 5.90% 7.50%
31 For 102 months 5.85% 7.50%
32 For 105 months 5.80% 7.50%
33 For 108 months 5.75% 7.50%
34 For 111 months 5.75% 7.50%
35 For 114 months 5.70% 7.50%
36 For 117 months 5.65% 7.50%
37 For 120 months 5.65% 7.50%
  • The revised interest rates are applicable only the fresh Cash Certificate Term deposits received / renewed on or after 12.04.2013.
  • Interest on Cash Certificate Deposit shall be calculated & compounded at quarterly rests at contract rate and fraction interest should be rounded off to the nearest rupee.
  • Cash Certificate Deposit shall be accepted for the period from 12 months to 120 months in the multiple period 3 months at contract rates only.
  • Senior Citizen (Minimum Age 60 years & above) & Staff / Ex-Staff / Senior Citizen Ex-Staff members will be offered an additional rate of interest @ 0.50% only above the applicable contract rate of interest.
  • These Senior Citizens will have to produce Age Proof such as PAN Card, Election Card, Voting Card, Senior Citizen Card etc.
  • The facility of half percent more interest rate than the 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-37(B)/2006-2007/3995 dt.28.10.2006
  • Cash Certificate Term Deposit shall be accepted for the maximum period of 120 months only.
  • In case of premature withdrawal, the interest paid to the depositor shall be 2% below the rate applicable for the period the deposit has remained 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 Cash Certificate Term Deposit Receipt.