Reg.- Revision of Rate of Interest on Term Deposits w.e.f. 01st December, 2023
All the Branch Managers and other concerned officials at Head Office of the bank are hereby informed that Board of Directors in their meeting dated 29.11.2023 has revised the rate of interest on various deposits including recurring deposit w.e.f. 01st December 2023:-
(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. 01.12.2023 |
1. | 30 days to 45 days | 4.00 |
2. | 46 days to 90 days | 4.00 |
3. | 91 days to 180 days | 4.50 |
4. | 181 days to less than 1 year | 6.00 |
5. | 1 year to less than 2 years | 7.00 |
6. | 2 year to less than 3 years | 7.15 |
7. | 3 years to less than 5 years | 7.00 |
8. | 5 Years and above | 7.00 |
(ii) Deposit Scheme 451 days ‘festival Bonanza’ Shall be withdrawn w.e.f. 01.12.2023.
Other conditions are as under:-(Applicable to Recurring Deposits also)
- Senior citizens will be paid the additional interest @ 0.50% over and above the prevailing rates.
- Additional interest @ 1% is payable to the members of Staff and Ex-Staff (who put in a minimum continuous service of three years in the bank) on the deposits of all maturities. The additional interest payable to the Senior Citizens will not be allowed to the Ex-Staff (Senior Citizen).
- 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.
- No additional Interest rates on Bulk Deposits.
- 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’.