The bank offers attractive interest rates depending upon the periodicity of investment.
The interest rate for various period slabs are as under.(wef. 16/10/2020)
15 Days to 90 Days 4.75%
91 Days to 180 Days 5.50%
181 Days to 364 Days 6.50%
1 Year to 2 Year 7.00%
Above 2 Year 6.75%
Senior citizens i.e persons who have attained 60 or more years of age will be paid 0.50% in addition to the rates specified above.
Depositors have the facility of premature closure. The interest will be calculated at the rate of one percentage less than the prescribed period rate for which the deposit remains with the bank.
85% of the deposit can be availed as loan. Interest for this loan will be charged at 1% above the contract rate. If the deposit is closed prematurely the rate of interest for the loan is same as at the time of issue.
Nomination facility is available for this type of accounts.
After maturity of the deposit it will be transferred to matured fixed deposit account and it will bear the interest rate applicable for savings account. Matured deposits can be renewed with retrospective effect from the due date of actual deposit, subject to condition mention in point no 5.
If a Matured deposit is renewed within 15 days from the due date the interest rate for the due date is applicable for new account. However if it is renewed after 15 days of maturity, the prevailing interest rate at the date of renewal or interest rate prevailing on maturity date, whichever is less is, applicable for the new account..
This type of deposit can be opened for a fixed period with a fixed amount to be remitted on monthly basis.
Installment amount and period of deposit cannot be changed till maturity of the deposit.
The minimum period under the scheme is 12 month and the maximum is 120 month with the
depositor requiring to select the investment period in multiples of three.
The monthly installment shall be in multiples of Rs: 50
Compound Interest will be calculated for quarterly rests.
Penal interest @ Rs1.50 for Rs.100 will be charged for defaulted installments.
Simple interest will be paid for premature deposit closure.
85% of the deposit can be availed as loan. Interest for this loan will be charged 1% above the contract rate. If the deposit is closed prematurely the rate of interest for the loan is same at the time of issue.
If the deposit is closed before completing the installments, the deposit bear only the simple interest.
This scheme will be beneficial to small businessmen and traders who can remit a fixed amount on daily basis for a period of either 90 days or 100 days or 200 days.
The interest paid on such type of deposits is very low.
The deposit can closed at any time.
The depositor need not come to the bank to deposits his/her installment, instead an agent from the bank will visit the depositor at his/her place of residence/office.
A receipt for the installment paid shall be given to the depositor by the collection agent using his hand held device.