Deposit Interest Rates

Interest Rate Chart for Term Deposits (w.e.f. 11th December 2018)


Period in Days
Interest Rate
General *
Senior Citizen **
15 to 45



46 to 90



91 to 179



180 to Less Than 1 Year



1 Year



Above 1 Year to 3 Years



Above 3 Years to 5 Years




* The Rates are also applicable to Recurring Deposit and Cash Certificate for the period of 1 yr. and above only. For Fixed Deposit for a period of less than 1 year calculation of interest to be made reckoning a year = 365 days. In all other cases the calculation of interest to be made on equal monthly basis taking into a year = 360 days. (Upto a complete quarter)

** The rates are applicable to Fixed Deposit, Cash Certificate Only. The mode of calculation of interest will be as above.



1. No interest will be paid on deposits which are closed before 15 days and as such the question of charging penal interest does not arise.

2. The deposit which is intended to be closed on or after 15 days, 1% penalty will be charged on the applicable rate for the period for which the deposit remained with bank.


3. No penal interest will be charged for premature closure of term deposit including the recurring deposit and daily deposit if the proceeds are intended either payment to the survivor / nominee of the deceased depositor or the same is intended for reinvestment with Bank for a period longer than the unexpired portion of original contract. (Date of original contract to be noted on the receipt).Provided that if the deposit after reinvestment is withdrawn before the expiry period of original contract, the penalty of 1% to be levied from the date of original contract up to the date of

prematured withdrawal after reinvestment. If the premature is made after the due date of original contract then penalty at the aforesaid rate to be levied from the date of reinvestment to the date of withdrawal after reinvestment.










Payment of Interest on Overdue Deposits.

1. Where the overdue period does not exceed 14 days:

i) The deposit shall be renewed for a period as per option of the depositor from the date of maturity.

ii) The rate of interest to be applied will be the rate ruling on the date of maturity of deposit relevant to the period of renewal.

2. Where the overdue period exceeds 14 days:

i) The deposit will be renewed for future period as per option of depositor from the date of presentation.

ii) The rate of interest to be applied for overdue period will be segregated into two parts as under.

Part A.    Up to the day just before the date of presentation (Irrespective of the type of original deposit): At simple interest only on matured proceeds, at the rate whichever is lower of the following two:

a. The rate prevailing at the time of maturity of the deposit for the overdue period.


b. The rate prevailing at the time of presentation for the overdue period.


Part B.    From the date of presentation to the future date of maturity: At the rate prevailing on the date of presentation for renewal at simple or compound basis at the option of the depositor.


3. Interest on Proceeds of Matured Term Deposit left unclaimed and unrenewed will attract Saving Bank rate of interest.




Salient Features of the Senior Citizen deposit Scheme

Tenure of the Scheme

1 year and above

Rate of Interest


Frequency of computing interest

Quarterly/ Monthly

Minimum Eligible age

60 years and above (55 years or above for those who have retired under a voluntary or a special voluntary scheme provided investment is made within 1 month of date of receipt of retirement benefits.)

For retired personnel of Defence Services

(excluding Civilian Defence Employee) – No age limit.

Age proof document

The Branch should satisfy about the age through verification of any of the following documents:

1. Affidavit-cum-indemnity

2. PAN Card

3. School leaving certificate indicating date of birth

4. LICI Policy

5. Voter Identity Card

6. Pension Payment Order

7. Birth Certificate issued by the competent authority

8. Passport

Facility of Premature Withdrawals

Available with penalty as applicable to general deposits.

Transferability feature

Generally not available, because the depositor will not be able to withdraw interest amount periodically defeating the very purpose of the scheme. However Loan against the receipt in the name of the depositor can be allowed as per norms of the Bank.

Nomination Facility


Mode of Holding

Generally single. Joint account may be allowed under operation mode “Former or Survivor” providing this benefit to senior citizen only.