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Deposit Interest Rates

Rates of Interest on Domestic Term Deposits w.e.f. 01st June, 2020

Interest rates for deposits General Public (*)

Maturity Pattern

Interest Rate (% p.a) for Deposits below Rs.2 Crore

Interest Rate (% p.a) for Deposits Rs.2 Crore and upto Rs. 10 Crore

7 days to 45 days

3.50

3.50

46 days to 90 days

5.00

5.00

91 days to 364 days

5.60

5.60

1 year to 2 Years

5.75

5.75

Above 2 Year to 5 years

5.65

5.65

Above 5 year to 10 years

5.65

5.65


 

Minor Deposit Scheme w.e.f. 01-06-2020

7 days to 10 years

As applicable for Domestic Term Deposits

Above 10 years

5.65

 

Interest rate for Senior Citizens:(FD & ACC Only)

0.40% extra over the general rate upto & inclusive of 5 crore only under Domestic FD and ACC Schemes (Not for deposit under NRE/NRO/FCNR(B) accounts) for resident Senior Citizens only.w.e.f 16-08-2019. Senior Citizen interest rate benefit for term deposits below 1 year is withdrawn w.e.f. June 06, 2019.

Additional interest rate benefits on Senior Citizen (General Public & Staff) domestic term deposits of above ₹ 5.00 Crore is withdrawn w.e.f. 01.09.2019.

Interest Rate (% p.a) w.e.f. 01-06-2020

Maturity Pattern

Deposits upto & inclusive of Rs.5 Crore

1 year to 2 Years

6.15

Above 2 Year to 5 years

6.05

Above 5 Year to 10 years

6.05

NRE Rupee Term Deposits

Interest rates for NRE Rupee Term Deposits General Public w.e.f. 01-06-2020

Maturity Pattern

Interest Rate (% p.a) for Deposits below Rs.2 Crore

Interest Rate (% p.a) for Deposits Rs.2 Crore and upto Rs. 10 Crore

1 to 2 Years

5.75

5.75

Above 2 Year to 5 Years

5.65

5.65

Above 5 Year to 10 Years

5.65

5.65


 

Premature Closure of both Domestic & NRE Deposits:

For Regular deposit schemes:

The penalty clause for premature closure of deposits on fresh deposits and renewals made is as follows:

(i) Term Deposit of below Rs.2 crore:

  • No penalty shall be levied for premature closure.

 

(ii) Term Deposit of Rs 2 crore & above:

  • Penalty of 1% on applicable rate shall be levied for premature closure of single rupee term deposit of Rs 2 crore & above. For the purpose, applicable rate means interest rate applicable for the period the deposit has remained with the Bank or contracted rate, whichever is less.

  • However, if the deposit is prematurely closed for reinvestment, interest shall be paid at the rate applicable to the period for which the deposit remained with the bank without penalty for the amount reinvested, provided the reinvested deposit remains with the bank for a period longer than the remaining period of original deposit.


 

Interest rates on Special Deposit Schemes w.e.f. 01-06-2020

The following interest rates shall be applicable for the new deposit schemes irrespective of quantum of deposit

Scheme

Rate of Interest (% p.a)

Remarks

Scheme

-

For General Public

For Senior Citizens

-

KBL - Tax Planner

5.65

6.05

Period of deposit is fixed for 5 years only, for deposits not exceeding Rs. 1.5 lakhs in a year. Premature closure under this scheme is not allowed.

Savings Bank Account - Interest Rates

Interest rates on all Savings Bank accounts including Non Resident External [NRE] and Non Resident Ordinary [NRO] savings accounts w.e.f. 01.06.2020.

Type of account

Day-end Balance

Rate of Interest(% per annum)

All SB accounts including NRE & NRO accounts

Upto & including ₹ 1 Lakh

2.75

Above ₹ 1 lakh up to ₹ 10 Lakh

2.75

Above ₹ 10 lakh up to ₹ 50 Lakh

2.75

₹ 50 lakh up to ₹ 100 Lakh

3.50

Above ₹ 100 lakh

4.50

 

Interest on FCNR (B) Deposits & RFC Deposits.

The Interest rates on FCNR (B) and RFC Deposits with effect from 1st June, 2020 are as under.

Period USD GBP EUR CAD AUD JPY CHF SEK HKD SGD
1 Year Only 1.30 0.80 0.38 1.45 0.78 0.61 0.01 0.72 1.87 0.90
Above 1 year but less than 2 Years 1.30 0.80 0.38 1.45 0.78 0.61 0.01 0.72 1.87 0.90
2 Years and above but less than 3 Years 1.27 0.87 0.31 1.19 0.84 0.58 0.01 0.70 1.77 0.93
3 Years and above but less than 4 years 1.29 0.96 0.40 1.35 0.99 0.67 0.06 0.82 1.85 1.09
4 Years and above but less than 5 Yrs 1.33 0.97 0.41 1.42 1.10 0.66 0.08 0.84 1.83 1.16
5 Years only 1.38 1.00 0.43 1.48 1.18 0.66 0.12 0.87 1.81 1.22

 

Interest Rates for RFC (Maturity less than 1 YEAR) w.e.f 01.04.2017 are as under.

Period USD GBP EUR CAD AUD JPY CHF SEK HKD SGD
Savings Bank 0.50 0.22 NIL 0.50 0.50 NIL NIL NIL NIL NIL
One Month to less than Three Months 1.22 0.49 NIL NIL NIL NIL NIL NIL NIL NIL
Three Months to less than Six Months 1.22 0.49 NIL NIL NIL NIL NIL NIL NIL NIL
Six Months but less than One Year 1.43 0.49 NIL NIL NIL NIL NIL NIL NIL NIL

Broken period interest on FCNR (B) Deposits w.e.f from 01.07.2017.

Currency USD GBP EUR CAD AUD JPY CHF SEK HKD SGD
Broken Period Interest 0.50% 0.50% NIL 0.50% 0.50% NIL NIL NIL NIL NIL