Deposits

MUMBAI DISTRICT CENTRAL CO-OPERATIVE BANK LIMITED

"MUMBAI BANK BHAVAN", 207, DR.D. N. ROAD, FORT,  MUMBAI - 400 001.

Phone : 022 - 2261 7154 - 59  I  Fax : 022 - 2267 1527   I  Funds Section Fax No.022 - 2261 8396                  

No. MB/Accounts/F - Rate of Interest/2018-2019/   I   Date: 01/08/2018

CORRIGENDUM

INTEREST RATE CIRCULAR FOR REINVESTMENT DEPOSIT

The rate of interest for aforesaid scheme are as follows and they are effective from 01/08/2018.

Sr. No. Type of Deposits Individual Staff / Ex-Staff / Sr. Citizen / Trusts / Co-op. Societies and Urban Banks
    Contract Rate of Interest (P.A.) Effective rate of Interest (for information) Contract Rate of Interest (P.A.) Effective rate of Interest (P.A.) (for information)
1

For 12 months

7.30% 7.50% 7.77% 8.00%
2

For 15 months

7.23% 7.50% 7.70% 4.50%
3

For 18 months

7.17% 7.50% 7.63% 8.00%
4

For 21 months

7.11% 7.50% 7.56% 8.00%
5

For 24 months

7.05% 7.50% 7.49% 8.00%
6

For 27 months

6.70% 7.15% 7.29% 7.75%
7

For 30 months

6.64% 7.15% 7.21% 7.75%
8

For 33 months

6.58% 7.15% 7.14% 7.75%
9

For 36 months

6.53% 7.15% 7.07% 7.75%
10

For 39 months

6.61% 7.30% 6.79% 7.50%
11

For 42 months

6.56% 7.30% 6.73% 7.50%
12

For 45 months

6.50% 7.30% 6.67% 7.50%
13

For 48 months

6.45% 7.30% 6.62% 7.50%
14

For 51 months

6.40% 7.30% 6.56% 7.50%
15

For 54 months

6.35% 7.30% 6.51% 7.50%
16

For 57 months

6.30% 7.30% 6.46% 7.50%
17

For 60 months

6.26% 7.30% 6.41% 7.50%
18

For 63 months

6.00% 7.00% 6.17% 7.25%
19

For 66 months

5.96% 7.00% 6.13% 7.25%
20

For 69 months

5.92% 7.00% 6.08% 7.25%
21

For 72 months

5.89% 7.00% 6.04% 7.25%
22

For 75 months

5.85% 7.00% 6.00% 7.25%
23

For 78 months

5.81% 7.00% 5.96% 7.25%
24

For 81 months

5.77%      
  • The revised interest rates are applicable to the fresh deposits received / renewed with maturity on or after 01/08/2018.
  • Interest on Term Deposit shall be calculated at quarterly rests and fraction interest should be rounded off to the nearest rupee.
  • Term deposits shall be accepted for a period mentioned above.
  • Senior Citizens will have to produce Age Proof such as PAN Card, Election Voting Card, Senior Citizen Card etc. (Minimum Age 60 years & above)
  • Own money declaration from Staff / Ex-staff members should be obtained.
  • In case of renewal of an overdue deposit strictly observe terms of our office circular No.MB/H.O. Accounts/F - O.C./2016-2017/3004 dt.21/11/2016.
  • Recurring Deposits shall be accepted for the maximum period of Three years only.
  • The Rate of Interest applicable to pre-matured withdrawal will be 2% less than the rate applicable to the period for which the deposit is remained with the bank. This applicable rate will be those rate which are in force when the said deposit is kept with the bank or 2% below the contract rate, whichever is lower.
  • In case of those depositor/s who is/are not having account with the branch, KYC norms as per RBI directive should be strictly followed before investment.