Interest Rates

INTEREST RATES ON RUPEE DEPOSITS w.e.f.01-09-2017

I

Current Deposits (Domestic/NRO/NRE) -                                     NA

II

Savings Bank Deposits

Domestic/NRO/NRE
(on the balances at the end of day)

Existing
(01.12.2016)

Revised
(01.09.2017)

Existing
(01.12.2016)

Revised
(01.09.2017)

Upto Rs. 1 Lakh (% on daily product basis)

Less than Rs. 5 Lakh (% on daily product basis)

Exceeding Rs. 1 Lakh (% on daily product basis)

Rs. 5 Lakh & above (% on daily product basis)

4.00

3.75

4.00

4.00

III

Term Deposits - Domestic/ NRO

Maturity Period

Existing
(01.12.2016)

Revised
(01.09.2017)

Existing
(01.12.2016)

Revised
(01.09.2017)

For deposits less than Rs. 15 lakh (% p.a.)

For deposits less than Rs. 15 lakh
(% p.a.)

For deposit of Rs. 15 lakh & above
(% p.a.)

For deposit of Rs. 15 lakh & above
(% p.a.)

1

07 Days to 14 days *

5.25

5.00

4.50

4.00

2

15 days to 30 days

5.25

5.00

4.50

4.00

3

31 days to 45 days

5.50

5.00

6.00

4.00

4

46 days to 90 days

6.50

6.00

6.50

4.25

5

91 days to 179 days

6.50

6.00

6.25

4.25

6

180 days to 269 days

6.75

6.50

6.30

4.50

7

270 days to less than 1 yr

7.00

6.50

6.30

4.25

1 Yr exact

7.05

--

6.75

--

15 mths exact

7.10

--

6.50

--

Above 1 Year to less than 2 Years (except 15 mths exact for deposit less than 15 Lakh)

7.00

--

6.50

--

8

1 Year to less than 2 Years

--

6.75 (new)

--

5.25 (new)

9

2 Years to less than 3 Years

7.00

6.75

6.50

5.25

10

3 Years to less than 5 years

7.00

6.60

6.50

5.25

11

5 YEARS

7.00

6.60

6.50

5.25

12

Above 5 years & upto 10 Years

7.00

6.60

6.50

5.25

IV

Term Deposits - NRE

Maturity Period

Existing
(01.12.2016)

Revised
(01.09.2017)

Existing
(01.12.2016)

Revised
(01.09.2017)

For deposits less than Rs. 15 lakh (% p.a.)

For deposits less than Rs. 15 lakh
(% p.a.)

For deposit of Rs. 15 lakh & above
(% p.a.)

For deposit of Rs. 15 lakh & above
(% p.a.)

1

1 yr to < 2Yrs

6.75

6.00

6.50

5.25

2

2 yr to < 3 yrs

6.50

6.00

6.50

5.25

3

3 Yrs to < 5Yrs

6.50

6.00

6.50

5.25

4

5 Yrs & upto 10Yrs

6.50

6.00

6.50

5.25

*Minimum deposit Rs. 1 Lakh.

Note:

  • In a bid to avoid ambiguity and provide operational convenience, the Recurring Deposit/Monthly/Quarterly Income Certificates should be issued in completed months/quarters, as the case may be.
  • Recurring Deposits :
  • Rate of Interest as applicable for Term Deposits depending upon the period/maturity.
  • The core monthly installment should be minimum Rs. 100/-.

 

  • In case of premature withdrawal, “ the applicable rate of interest on the date of acceptance of deposit for the actual period which the deposit has remained with the Bank or contracted rate of interest  whichever is LOWER shall be applicable.

 
No interest will be paid for premature withdrawal below 7 days in case of Term Deposits, below 3 months in case of Recurring Deposits and below 12 months in case of NRE Deposits.
Deposits Accepted Renewed On or After 01.12.2016.
Penalty on premature withdrawals shall be applicable for fresh / renewed deposits w.e.f. 01.12.2016.

 

Penalty Details:

 

Category of deposits

Penalty on premature withdrawal of the deposit

1.

Deposits less than Rs. 5 Lacs withdrawn on or after completion of 12 months

NIL

2.

Deposits less than Rs. 5 Lacs withdrawn prematurely before completion of 12 months

0.50%

3.

Deposits of 5 Lacs & above withdrawn prematurely

1.00%

  • In case of the deposits which have been prematurely closed for renewing for a longer period than the remaining period of the original contract tenure, there shall be “No penalty” for the premature withdrawal irrespective of the amount of the deposit.
  • No Penalty for the premature withdrawal of Term deposits due to death of depositor/s
  • No penalty on premature withdrawals of Term Deposits by Staff, Ex- Staff, Staff/Ex-Staff Senior Citizens and spouse of deceased staff as a first account holder

 

  • Aryavart Tax Saver Term Deposit Scheme :

Maximum Deposit

Rs.1,50,000/- p.a.

Tenure

Minimum-5 years ,   Maximum-Upto & including 10 years

Rate of interest

Normal domestic term deposits as applicable to corresponding period

Premature withdrawal

Not Permitted upto 5 years

  • The interest rates on Domestic Rupee Term Deposits will be applicable only on fresh deposits and also on all renewals w.e.f. 01.09.2017

 

  • Effective Annualized Rate of Return (Indicative only): Keeping in view the Reserve Bank India guidelines to provide information on effective annualized rate of return on deposits (Domestic/NRO & NRE) of various maturities, we give here in below the effective annualized rates of return on Bank’s cumulative deposit schemes under the Reinvestment Plan on quarterly compounding basis:

 

Maturity
(Domestic/NRO)

For deposits less than Rs. 15 Lakh

For deposit Rs.15 lakh & above

Rate of Intt. (%) p.a.

Annualized Rate of Return at minimum of the Maturity bucket (Indicative Only) %

Rate of Intt. (%) p.a.

Annualized Rate of Return at minimum of the Maturity bucket (Indicative Only) %

180 days to 269 days

6.50

6.55

4.50

4.53

270 days to less than 1 yr

6.50

6.61

4.25

4.30

1 Year to less than 2 Years

6.75

6.90

5.25

5.34

2 Years to less than 3 Years

6.75

7.16

5.25

5.50

3 Years to less than 5 years

6.60

7.23

5.25

5.65

5 YEARS

6.60

7.74

5.25

5.96

Above 5 years & upto 10 Years

6.60

7.75

5.25

5.96

Maturity (NRE)

1 yr to < 2Yrs

6.00

6.12

5.25

5.34

2 yr to < 3 yrs

6.00

6.32

5.25

5.50

3 Yrs to < 5Yrs

6.00

6.52

5.25

5.65

5 Yrs and above upto 10Yrs

6.00

6.94

5.25

5.96

6. SENIOR CITIZENS: -Please note that Senior Citizens (Public other than staff) will get 0.50% p.a. interest more than the card rate on their Deposits of six months to less than 5 yrs period and also 0.60% p.a. interest more than the card rate on their Deposits of 5 yrs & above maturity on all deposit schemes.

7. STAFF MEMBERS: -The STAFF MEMBERS will also enjoy benefit of 1% p.a. additional interest rate on their all kind of Deposits (including Aryavart Tax Saver Scheme).

8. EX -STAFF MEMBERS: -The EX -STAFF MEMBERS will also enjoy benefit of 1% p.a. additional interest rate on their all kind of Deposits. Ex. STAFF MEMBERS who are also SENIOR CITIZENS will enjoy the benefit of 1.50% p.a. additional interest rate for the period of six months to less than 5 yrs period and 1.60% p.a. interest more than the card rate on their Deposits of 5 yrs & above maturity on all deposit schemes

10. HIGH VALUE DEPOSIT: For deposit of Rs 1.00 Cr and above attracted by the Branches, it shall be mandatory to advice Head Office for ALM purposes. Similarly for deposit of Rs 2.00 Cr & above being attracted by the Branches, shall be mandatory to quote the Rate of Interest under Head Office concurrence and permission.
The Branches are advised that they must display the aforesaid interest rates structure on the Notice Board of the Branch for the information of the customers.

TDS will be deducted on the interest earned on the total amount of deposits held by a customer in the Bank as a whole, and not on individual deposits held by him branch-wise including Recurring Deposits.