Interest Rates for
Bank’s Term Deposits
Deposit Interest:
| Sr. No. | Short- Term & Fixed Deposit | Interest Rate |
|---|---|---|
| 1 | 7 to 45 days | 3.00% |
| 2 | 46 to 90 days | 4.00% |
| 3 | More than 91 days, less than 179 days | 5.00% |
| 4 | More than 180 days, less than 1 year | 6.50% |
| 5 | More than 1 year, up to 2 years | 7.25% |
| 6 | More than 2 years | 7.50% |
Special Note: Senior citizens will be given an additional interest of 0.50%.
Loan Interest:
| Sr. No. | Loan Type | Interest Rate |
|---|---|---|
| 1 | Housing Loan | 8.50% |
| 2 | Vehicle Loan | 9% |
| 3 | Vehicle Loan (Commercial) | 12.50% |
| 4 | Loan Against Property | 11% |
| 5 | Gold Loan | 9.50% |
| 6 | Loan Against Deposit | 8% |
| 7 | C.C./Overdraft | 12.50% |
| 8 | Primary Loan/Other Loans | 14% |
| 9 | Loan against Govt. Approved Securities | 10% |
Special Note: For loans against fixed deposits, the interest rate will be 1% higher than the applicable deposit interest rate.
Monthly Interest Fixed Account
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These accounts are opened by depositing a lump sum amount in the bank for a fixed period.
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The duration of these accounts should be 1 year or more. Interest on these accounts will also be calculated monthly.
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In the case of premature payment, the interest applicable for the period the money remained in the bank will be calculated, and 1% interest will be deducted before making the payment.
Recurring Account
This account is opened by depositing a fixed amount every month for a fixed period. The interest on this account is provided similar to term deposits. If any installment is missed, a penal interest of ₹1.5 per hundred will be charged. Interest on this account will also be calculated quarterly. In case of premature payment, the interest will be paid at 1% less than the applicable rate for the period the money remained in the bank.
PIGMY ACCOUNT
The Sarv Kalyan Scheme is a savings scheme aimed at encouraging housewives and individuals from all walks of life to make small savings. Under this scheme, depositors can opt for daily or weekly deposits for various fixed periods as per their preference. Deposits under this scheme are accepted in multiples of ₹10 or more.
The duration and interest rates for accounts opened under the Sarv Kalyan Deposit Scheme are as follows:
| S.No. | Tenure | Interest Rate |
|---|---|---|
| 1 | Before 1 Year | 0.5% |
| 2 | Between 1 Year to 2 Year | 1.00% |
| 3 | After 2 Years | 2.00% |
In the case of premature payment, the customer will be given 2% interest, and the agent will be required to return a 2.5% commission. If the account is not closed after 2 years, interest will be paid for only 2 years.
The above interest rate is subject to change as per the guidelines issued by the Reserve Bank of India from time to time.