Revision in Interest Rates on Domestic/NRO/NRE Retail Term Deposits
w.e.f. 01.04.2020
Preamble: Earlier revision of interest rates on Domestic/NRO Term Deposits & NRE Term Deposits was advised vide Permanent Circular DEP/62/2019-20 dated 09.03.2020. Subsequent to revision, the applicable interest rate on Domestic/NRO/NRE Retail Term deposits w.e.f. 01.04.2020 are as under:
Domestic Term Deposits and NRO deposits:
Period of Deposit
Existing Rates
For deposits below Rs 2 Crore
W.E.F 10.03.2020 (in %)
Revised Rates
W.E.F 01.04.2020 (in %)
7-14 days *
4.50
15-29 days
30-45 days
46-60 days
4.60
61-90 days
91-120 days
5.25
121-179 days
5.50
180-269 days
5.75
270 days to < 1 year
6.25
6.10
1 year to < 2 years
(except 444 days)
444 days
6.35
6.20
2 yrs to < 3 yrs
6.30
3 yrs and above
* Minimum amount Rs 1.00 Lakh
The revised Interest Rates on NRE term deposit rates (W.E.F 01.04.2020) are mentioned below.
W.E.F 10.03.2020 (in%)
W.E.F 01.04.2020 (in%)
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.
Fore Closure Charges
Description
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