FIXED DEPOSITS
INTEREST RATES
It has been decided in the meeting of Managing Committee of the Board held on 10th October 2023 to revise the interest rates on deposits with effect from 12th October 2023.
INTEREST RATES ON DEPOSITS:
| Nature of Deposit | Existing interest rates | Revised interest rates |
|---|---|---|
| Current Account | NIL | NIL |
| Savings Bank Account – balance less than Rs. 1 lac | 3.50% p.a | 3.50% p.a |
| Savings Bank Account- Balance of Rs. 1 lac and above | 4.50% p.a | 4.50% p.a |
| Term Deposits – Individuals | Existing interest rates (other than senior citizens) | Revised Interest Rates (other than senior citizens) |
| 30 days and above and upto 90 days | 5.50% p.a | 5.50% p.a |
| 91 days and above and upto 180 days | 6.00% p.a | 6.50% p.a |
| 181 days and above and less than 12 months | 7.00% p.a | 7.50% p.a |
| 12 months and above and up to 36 months | 8.00% p.a | 8.50% p.a |
| Above 36 months | 8.25% p.a | 8.60% p.a |
Note:
- Additional interest of 1% p.a. is applicable for deposits made by staff members either working or retired staff members.
- Additional interest of 1% p.a. is not applicable for deposits of staff members who are resigned from the bank.
- In case of deposits made by working staff members/retired staff members jointly with their family members, the name of the working staff member/retired staff member should appear as first depositor. In case of deposits made by the working staff member/retired staff member, an undertaking has to be obtained from the working staff member /retired staff member that the amount deposited with the bank are their own funds.
- In case of deposits made by the staff members beyond Rs. 5 lakhs, permission from CEO has to be obtained in case of new deposits and at the time of renewal of existing deposits.
- In case of cancellation of term deposit before the date of maturity, penal interest as decided by the bank from time to time is applicable (at present 1% of the applicable rate of interest for the period deposit remain with the bank).
- In case of conversion of deposit (from Recurring Deposit to Term Deposit or Term deposit to Reinvestment plan) or extension of existing deposit before maturity date, penal interest of 1% of the applicable rate of interest for the period the deposit remain with the bank is charged.
- No interest shall be paid, where premature withdrawal of deposits takes place before completion of the minimum period of thirty (30) days.
INTEREST RATES ON LOANS AND ADVANCES
It has been decided in the meeting of Managing Committee of the Board held on 10th October 2023 to revise the interest rates on some of the categories of advances with effect from 12th October 2023. Below are the interest rates of all loans and advances.
| Amount | Existing Interest Rates | Revised Interest Rates |
|---|---|---|
| Upto Rs. 25 lakhs | 13.50% p.a. | 13.50% p.a. |
| Above Rs. 25 lakhs and upto Rs. 50 lakhs | 12.75% p.a. | 12.75% p.a. |
| Above Rs. 50 lakhs and upto Rs. 75 lakhs | 12.50% p.a. | 12.50% p.a. |
| Above Rs. 75 lakhs and upto Rs. 100 lakhs | 12.25% p.a. | 12.50% p.a. |
| Above Rs. 100 lakhs | 12.00% p.a. | 12.50% p.a. |
What are you looking for?
Search
Apply Online
BANK ON MOVE