Deposits

Reg.-  Revision of  Rate of Interest on Term Deposits w.e.f.  02nd December2024

(i) The revised rate of interest on various term deposits (including Recurring Deposit) will be as under:- 

S.No.	Period	Rate of Interest w.e.f. 02.12.2024
1.	30 days to 45 days	3.50
2.	46 days to 90 days	4.00
3.	91 days to 180 days	4.50
4.	181 days to less than 1 year	5.75
5.	1 year to less than 2 years	7.30
6.	2 year to less than 3 years	7.10
7.	3 years	7.00
8.	Above 3 Years	6.50

(ii)  Deposit Scheme 401 days  Shall be withdrawn w.e.f. 02.12.2024.

Other conditions are as under:- (Applicable to Recurring Deposits also) 

1. Senior citizens will be paid the additional interest @ 0.50% over and above the prevailing rates. 
2. Option for payment of Quarterly and Monthly interest (in Term Deposits) shall be available, subject to the condition that in case of payment of monthly interest, payout will be discounted based on prevailing rates.
3. No additional Interest rates is applicable on Bulk Deposits.
4. In case of premature withdrawal, the penalty clause shall be applicable. ‘On premature withdrawal of the Term Deposit, interest shall be paid at the rate that was applicable on the date the deposit was placed & for the period for which the deposit is maintained with the bank, subject to a penalty of 1% on such rate’.