Last Updated on 09/07/2020
Domestic Rates

 

Revision in Interest Rates on Domestic/NRO/NRE Retail Term Deposits

w.e.f. 09.07.2020

Preamble: Earlier revision of interest rates on Domestic/NRO Term Deposits & NRE Term Deposits was advised vide Permanent Circular DEP/ 4 /2020-21 dated 06.06.2020. It has been decided to revise the interest rates on Domestic/NRO Term Deposits & NRE Term Deposits. Subsequent to revision, the applicable interest rate on Domestic/NRO/NRE Retail Term deposits w.e.f. 09.07.2020 are as under:

Domestic Term Deposits and NRO Deposits:

Period of Deposit

Existing Rates

For deposits below Rs 2 Crore

W.E.F 08.06.2020 (in %)

Revised Rates

For deposits below Rs 2 Crore

W.E.F 09.07.2020 (in %)

7-14 days *

4.50

3.50

15-29 days

4.50

3.50

30-45 days

4.50

3.50

46-60 days

4.60

4.00

61-90 days

4.60

4.00

91-120 days

4.85

4.50

121-179 days

5.10

4.50

180-269 days

5.35

5.00

270 days to < 1 year

5.50

5.00

1 year to < 2 years

(except 444 days)

5.60

5.40

444 days

5.65

5.45

2 yrs to < 3 yrs

5.70

5.45

3 yrs and above

5.70

5.45

* Minimum amount Rs 1.00 Lakh

  • For Senior Citizens Additional Rate of 0.50% and for Super Senior Citizens (aged 80 years and above) Additional Rate of 0.75% continues.
  • Interest rate for IOB Tax Saver Deposit shall be 5.45%.
  • For Retired Staff, applicable interest rate will continue to be governed by guidelines issued vide Planning Department Circular no. Dep/54/2019-20 dated 21.12.2019.

 

The revised Interest Rates on NRE term deposit rates (W.E.F 09.07.2020) are mentioned below.

Period of Deposit

Existing Rates

For deposits below Rs 2 Crore

W.E.F 08.06.2020 (in%)

Revised Rates

For deposits below Rs 2 Crore

W.E.F 09.07.2020 (in%)

1 year to < 2 years

(except 444 days)

5.60

5.40

444 days

5.65

5.45

2 yrs to < 3 yrs

5.70

5.45

3 yrs and above

5.70

5.45

 

For Deposits of Rs. 2 Crore and above

 

For deposits of Rs. 2 Crore and above, Branch has to take prior permission and rate of interest from Treasury Department, Central Office.

All the branches, Regional Offices and Other Offices are advised to be guided accordingly.

Fore Closure Charges

Description

Fore Closure Charges

Retail Term Deposits upto Rs. 15000/-

NIL

Retail Term Deposits of Rs. 15,001/- up to Rs. 5 Lakh

0.50%

Retail Term Deposits above Rs. 5 Lakh but below Rs. 1 Crore

1.00%

Bulk Deposits of Rs. 1 Crore & above

1.00%