DEPOSITS INTEREST RATE CIRCULAR
The following revised Interest Rates on Deposits shall come into force with effect from dt.01/08/2018.
|Sr. No.||Type of Deposits||Rate Per Annum||Rate Per Annum
for Senior Citizen / Staff / Ex-Staff
|Rate Per Annum for Trusts
& All Types of Co-op. Societies
including Urban Banks
Deposits for 7 days to 29 days
Deposits for 30 days to 45 days
Deposits for 46 days to 90 days
Deposits for 91 days to 180 days
Deposits for 181 days to 364 days
Deposits for 12 months to 24 months
Deposits above 24 months to 36 months
Deposits above 36 months to 60 months
Deposits above 60 months upto 120 months
- 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.