Term Deposit

Term Deposit

01 Term Deposits

Fixed deposit. The bank offers attractive interest rates depending upon the periodicity of investment.

The interest rate for various period slabs are as under.

        The interest rate for various period slabs are as under.(wef. 15-05-2024)

SL No.	DURATION	RESIDENT	RESIDENT
		Retail	Bulk
1	7 Days to 14 Days	3.10	3.10
2	15 days  to 45 Days	4.00	4.00
3	46 days  to  90 days	4.50	4.50
4	91 days to 179 days	5.00	5.00
5	180 days  to 364 Days	5.60	5.60
6	12 months less than 13 months	6.50	6.50
7	13 months	7.75	7.00
8	Above 13 m to Less than 15 m	6.75	6.75
9	15 months	8.00	7.50
10	15 months to 24 months	5.90	5.90
11	24 Months to	5.50	5.50

SL No.	DURATION	NRE	NRE
		Retail	Bulk
6	12 months less than 13 months	6.45	6.45
7	13 months	7.25	7.25
8	Above 13 months to 18 months	6.45	6.45
9	Above 18 months to 24 months	5.90	5.90
10	Above 24 months to less than 36 months	5.90	5.90
11	36 Months	6.85	6.85
11	Above 36 Months	5.50	5.50

• Senior citizens i.e persons who have attained 60 or more years of age will be paid .50% in addition to the rates specified above.

• Depositors have the facility of premature closure. The interest will be calculated at the rate of one percentage less than the prescribed period rate for which the deposit remains with the bank.

• 85% of the deposit can be availed as loan. Interest for this loan will be charged at 1% above the contract rate. If the deposit is closed prematurely the rate of interest for the loan is same as at the time of issue.

• Nomination facility is available for this type of accounts.

• After maturity of the deposit it will be transferred to matured fixed deposit account and it will bear the interest rate applicable for savings account. Matured deposits can be renewed with retrospective effect from the due date of actual deposit, subject to condition mention in point no 5.

• If a Matured deposit is renewed within 15 days from the due date the interest rate for the due date is applicable for new account. However if it is renewed after 15 days of maturity, the prevailing interest rate at the date of renewal or interest rate prevailing on maturity date, whichever is less is, applicable for the new account.

02. Surabhi Deposit:

• This type of deposit can be opened for a fixed period with a fixed amount to be remitted on monthly basis.

• Installment amount and period of deposit cannot be changed till maturity of the deposit.

• The minimum period under the scheme is 12 month and the maximum is 120 month with the

depositor requiring to select the investment period in multiples of three.

4. The monthly installment shall be in multiples of Rs: 50

5. Compound Interest will be calculated for quarterly rests.

6. Penal interest @ Rs1.50 for Rs.100 will be charged for defaulted installments.

7. Simple interest will be paid for premature deposit closure.

8. 85% of the deposit can be availed as loan. Interest for this loan will be charged 1% above the contract rate. If the deposit is closed prematurely the rate of interest for the loan is same at the time of issue.

9. If the deposit is closed before completing the installments, the deposit bear only the simple interest.

03 Tiny Deposit