Last Updated on 14/01/2020
Domestic Rates

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

w.e.f. 08.01.2020

 

Domestic Term Deposits and NRO Deposits:

Period of Deposit

Existing Rates

For deposits below Rs. 2 Crore

W.E.F 09.12.2019 (in %)

Revised Rates

For deposits below Rs. 2 Crore

W.E.F 08.01.2020 (in %)

7-14 Days *

4.50

4.50

15-29 Days

4.50

4.50

30-45 Days

4.50

4.50

46-60 Days

4.60

4.60

61-90 Days

4.60

4.60

91-120 Days

5.25

5.25

121-179 Days

5.50

5.50

180-269 Days

5.75

5.75

270 Days to < 1 Year

6.25

6.25

1 Year to < 2 Years (except 444 Days)

6.25

6.25

444 days

6.40

6.35

2 Years to < 3 Years

6.40

6.35

3 Years and above

6.40

6.25

* 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.
  • For the retired staff members, including Retired Senior Citizen Staffs, the applicable interest rate will continue to be governed by guidelines issued vide planning department circular number Dep/54/2019-20 dated 21.12.2019
  • Interest rate for IOB Tax Saver Deposit shall be 6.25%.

 

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.

The Revised Interest Rates on NRE term deposit rates (W.E.F 08.01.2020) are mentioned below.

Period of Deposit

Existing Rates

For deposits below Rs. 2 Crore

W.E.F 09.12.2019 (in%)

Revised Rates

For Deposits below Rs. 2 Crore W.E.F 08.01.2020 (in %)

1 Year to < 2 Years

(except 444 Days)

6.25

6.25

444 Days

6.40

6.35

2 Years to < 3 Years

6.40

6.35

3 Years and above

6.40

6.25

 

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%