Thursday, August 11, 2011

Latest Interest Rates for Domestic Term Deposits for Rs. 1 Crore & above

Domestic Term Deposits of 'Rs One Crore & above'

Term Deposits will continue to be accepted for amounts of ‘Rs. one Crore & above’ at all branches and the ’card’ rates w.e.f. 29.07.2011 are as below:

7 days to 14 days 7.50

15 days to 30 days 7.50

31 days to 45 days 7.50

46 days to 90 days 7.50

91 days to 179 days 8.00

180 days to 240 days 8.00

241 days to 270 days 8.00

271 days to less than 1 year 8.25

1 year to less than 2 years 9.00

2 years and above 8.75

The Differential Rates of Interest (DRI rates for higher amount of deposits) for the day may be obtained from the DGM (SME) at the nearest Local Head Office through the nearest branch.

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 upto 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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