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Last Updated on 18/03/2019
Domestic Rates

Savings Bank Interest Rates with effect from 1st October 2017

 

Rate of Interest

Minimum Balance

Details

Balance Upto       Rs. 25 Lacs

Balance Above     Rs. 25 lacs

Rural

Semi Urban

Urban

Other Branches

Pensioners' SB account

1. Savings Bank A/c.

 

 

 

 

 

 

 

A. Domestic

 

 

 

 

 

 

 

a. With cheque book facility

3.5

4

500

500

1000

1000

250

b. Without cheque book facility

3.5

4

100

100

500

500

5

c. No Frills Account

3.5

4

5

5

 

 

 

B. Non Resident

 

 

 

 

 

 

 

a. NRO

3.5

4

 

 

 

 

 

b. NRE

3.5

4

 

 

 

 

 

Domestic Term Deposits & NRO Deposits:

Period of Deposit

Existing Rate (%) effective from

05.04.2018

Period of Deposit

New Rate (%) effective from

01.03.2019

 

 

Up to less than Rs 1 Cr

Rs 1 cr and above

 

Up to less than Rs 2 Cr

Rs 2 crs and above

7-14 days*

4.50

Refer to Treasury for rates

For Deposits of Rs 1 Crore and above, Branch has to take prior permission and rate of interest from Treasury Department, Central Office.

7-14 days*

4.50

 

 

Refer to Treasury for rates

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

15-29 days

4.50

15-29 days

4.50

30-45Days

4.50

30-45Days

4.50

46 -60Days

4.60

46 -60Days

4.60

61-90 days

4.60

61-90 days

4.60

91-120 days

5.25

91-120 days

5.25

121-179 days

5.50

121-179 days

5.50

180 -269 days

5.75

180 -269 days

5.75

270 days --< 1 yr

 

6.25

270 days --< 1 yr

 

6.25

1 Year to < 2 years

6.60

1 Year to < 2 years

6.60

2 years to < 3 years

6.75

2 years to < 3 years

6.75

3 Years and above

6.80

3 Years and above

6.80

Minimum amount Rs 1.00 Lakh

 

  • For Senior Citizens Additional Rate of 0.50% continues.
  • For the retired staff members, including Retired Senior Citizen Staff, the maximum additional interest rate benefit shall be capped at 1% over and above the card rate.
  • Interest rate for IOB Tax Saver Deposit stands at 6.80%.

 

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 are attractive in each time period.  Branches are advised to canvass more fresh retail deposits in all segments especially in longer term periods apart from renewing all deposits maturing for payment. 

 

NRE Deposit Rates

Similar revision is applicable to NRE deposits also and it is furnished as under.

     Period

Existing Rate (%) effective from 11.04.2018

Period

New Rate (%) effective from 01.03.2019

 

Up to less than Rs 1 Cr

Rs 1 cr and above

 

Up to less than Rs 2 Cr

Rs 2 crs and above

1 year to <2 years

6.60

Refer to Treasury for rates

 

1 year to <2 years

6.60

Refer to Treasury for rates

 

2 yrs  to <3yrs

6.75

2 yrs  to <3yrs

6.75

3 Yrs and above

6.80

3 Yrs and above

6.80

 

Foreclosure Charges

Description

Foreclosure 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 lacs but below Rs. 1 Crore

1.00%

Bulk Deposits of Rs. 1 crore & above

1.00%