Indian Bank Interest Rate, Deposit Rates. The interest rate applicable for “Deposit of above ₹ 5 crore” and approval for acceptance of such deposit shall be obtained from Treasury Branch. This condition is also applicable to cases where the aggregate value of deposits of an individual customer is above ₹ 5 crores for the day. Aggregate value of deposits placed on the day for an identical tenor will be reckoned for deciding applicable interest rate.
Revision Of Interest Rate On Savings Bank Deposits Wef 01 April 2022
Rate of Interest | Existing | Revised |
Up to Rs.10 lakh | 2.90% | 2.75% |
More than Rs.10 lakh to less than Rs.200 Cr | 2.90% | 2.80% |
Rs. 200 Cr and above | 2.90% | 2.90% |
The rate of interest on domestic term deposit is also applicable to IB Tax Saver Scheme and Capital Gains Scheme Type B (Term Deposits) 1988 Scheme.
Senior Citizen Accounts: –
For Domestic Term Deposit for Senior Citizens, additional rate of interest payable would be 0.50% p.a. for amount up to ₹10 crore. The additional rate would be offered on deposits of 15 days to 10 years over the card rate in respect of Short Term Deposits, Fixed Deposits and Money Multiplier Deposit Schemes. Similarly, for Recurring Deposit accounts, additional interest rate would be eligible for the period from 6 months to 120 months (In multiples of 3 months). The above ceiling is applicable to all types of term deposits standing in the name of the Senior Citizen as the principal account holder at one or more branches put together. However, no Single deposit be opened in a day for more than ₹2 Cr within the overall limit of ₹10 Cr tagged to a single CIF.
However, deposits of Senior Citizen opened under Capital Gains Scheme Type B (Term Deposits) 1988 Scheme is not eligible for this benefit. Similarly in the case of term deposits standing in the name of an HUF, the Karta of the HUF is not eligible for higher rate of interest, even if he is a senior citizen, as the beneficial owner of the deposit is the HUF and not the Karta in his individual capacity.
The interest rates on NRE term deposits is subject to compliance of all the extant exclusive/specific RBI Guidelines on NRE accounts relating to minimum/maximum term of deposits, category of customer etc.
Nots
All other terms and conditions remain unchanged.
Gold Monetization Scheme (GMS)
Applicable for premature withdrawal of Term Deposits – opened or rolled over on or after 27 Feb 2020.
Period Run | Deposits upto Rs. 5 lakhs | Deposits above Rs. 5 lakhs |
7 days | No interest will be paid on foreclosure of deposit | No interest will be paid on foreclosure of deposit |
7 days and above | No penalty to be levied for pre closure of deposits provided the deposit has been retained for atleast 181 days i.e. eligible interest rate will be the applicable card rate for the actual period run prevailing on the date of deposit. For deposits closed before 181 days, eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1.00% p.a. as foreclosure charges | Eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1.00% p.a. as foreclosure charges |
7 days and above | No foreclosure charges to be levied for domestic term deposits placed by Corporate/Government Departments (State, Central and Quasi Government), Institutions and non profitable organizations (which exist for Educational / Religious or Charitable reasons and from which its share holders or trustees do not benefit financially) wherein the deposits are placed based on the quotation submitted by the Bank. No foreclosure charges to be levied for deposits in the name of staff/ex staff/ex staff cum senior citizen. |
Discretion to disallow foreclosure of large value Term Deposits opened on or after 07 Oct 2015 : Bank may at its discretion disallow withdrawal of large value Rupee Term Deposits of Rs.5.00 crore and above, before completion of the deposit period agreed upon at the time of placing the deposit.
Penalty for pre-mature withdrawl of NRE and NRO Term deposits and Exercise of discretion to disallow forclosure of large value term deposits –opened or rolled over on or after 07 Oct 2015 .
Period | Deposits above Rs. 5 lakhs |
1 year and above | Eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1.00% p.a. as foreclosure charges. |
1 year and above | No foreclosure charges to be levied for deposits in the name of staff/ex staff/ex staff cum senior citizen. |
झारखंड राज्य के केबिनेट मंत्री की सूचि Jharkhand Government Ministers List 2024 Jharkhand Government Ministers List 2024 1. Shri Hemant… Read More
Bajaj Freedom 125 CNG New CNG+ Petrol Bike Bajaj Auto has introduced the Freedom 125 CNG, the world's first CNG-powered… Read More
How to Make Lychee Chutney at Home? घर पर लीची की चटनी कैसे बनाएं? Lychee Chutney is a tropical, sweet,… Read More
How to Setup a plant of Khakhra Semi Automatic? Setting up a Khakhra Semi-Automatic Manufacturing Plant involves creating a streamlined… Read More
How to Make Plum Chutney at Home? घर पर बेर की चटनी कैसे बनाएं? Plum Chutney is a delicious, tangy,… Read More
How to Make Cranberry Chutney at Home? घर पर क्रैनबेरी चटनी कैसे बनाएं? Cranberry Chutney is a flavorful, tangy, and… Read More
This website uses cookies.