Deposit Schemes
Reinvestment Deposits:
Interest Rate
| Sno | Duration | General | Senior citizens |
| 1 | 7-14 days | 4.00% | 4.50% |
| 2 | 14-45 days | 5.00% | 5.50% |
| 3 | 46-90 days | 5.50% | 6.00% |
| 4 | 91- 180 days | 6.00% | 6.50% |
| 5 | 181-365 days | 6.25% | 6.75% |
| 6 | Above 1 year to 2 years | 7.50% | 8.00% |
| 7 | Above 2 years to 3 years | 8.25% | 8.75% |
| 8 | Above 3 years | 7.00% | 7.50% |
Money invested in this type of deposit provide the accrued interest at the end of term of the deposit only, which will be calculated on quarterly compounding basis.
The maturity proceeds will be paid by crediting depositor’s individual savings/current accounts or by way of Banker’s cheque/pay order.
Bank has introduced Auto renewal system in case of matured term deposits.
However, in case of term deposits matured prior to the above period and opted for further renewal, Bank has adopted its’ own policy as “to allow the interest rate prevailing on the date of transaction as applicable for the minimum period between the lapsed and further renewal period, where the lapsed period date of transaction-date of maturity as per RBI guidelines. These deposits can be opened in the name of individuals or institutions operated by single or jointly when there are more than 1 depositor.
1. Loan/Overdraft facility up to 85% on the face value/current value of the deposit
2. Minimum amount of Deposit: Rs. 5000/-
3. Nomination facility is available to these deposits.
4. Range of Term Deposit is Min: 15months & Max:10years
5. Submission of PAN is must for any remittance equal to or more than Rs.50000/-
6. Senior citizens will get 0.5% additional rate of interest
Premature closure of Deposit allowed at 1% below the rate applicable for the period the deposit has remained with the bank and No interest shall be paid on prematurity of term deposit, if the period between the dates of deposit to closure of deposit is less than 7 days (i.e. less than the minimum required days for a term deposit to reckon interest)
