Thursday, August 11, 2011

Latest Interest Rates for Domestic Term Deposits

The revised interest rates for Domestic Term Deposits 'Below Rupees One Crore' effective from the 11.07.2011 would be as under:

7 days to 90 days 7.00

15 days to 45 days 7.00

46 days to 90 days 7.00

91 days to 179 days 7.25

180 days to 240 days 6.50

241 days to less than 1 year 7.75

1 year to less than 2 years 9.25

2 years to less than 3 years 9.25

3 years to less than 5 years 9.25

5 years and up to 10 years 9.25

There shall be no premium in rate of interest for single domestic term deposit of ‘Rs.15 lakhs but less than Rs.1 Crore’ of any maturity.

The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits. The interest rates on “Capgains Plus”, “SBI Tax Savings Scheme 2006(SBITSS)” schemes and NRO deposits shall be aligned as per the revised rates for domestic term deposits. These rates of interest shall also be made applicable to domestic term deposits from Cooperative Banks

Premature Payment of Term Deposits:

Interest to be charged on premature withdrawal of term deposits at 0.50% below the rate applicable for the period deposit has remained with the Bank or 0.50% below the contracted rate, whichever is lower, for tenors above 90 days. Penalty for premature withdrawal of term deposits has been waived for deposits of tenors up to 90 days.

"However, no interest shall be paid on term deposits that have remained with the Bank for less than 7 days."


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