Rates of Interest on Domestic Term Deposits w.e.f. 1st March, 2023
0.40% extra for Senior Citizens* Introduction of new slab for 91 days to 364 days at 5.25% interest rate on Domestic term deposits above Rs.10 crores upto Rs. 50 crores from March 24, 2023 to March 31, 2023. |
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5.75 |
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Minor Deposit Scheme w.e.f. 01.03.2023 |
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*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 for tenure 1 to 5 years and 0.50% extra over the general rate for tenure 5 to 10 years w.e.f. 09.11.2020. Senior Citizen interest rate benefit for term deposits below 1 year is withdrawn w.e.f. June 06, 2019.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interest rate benefits on Senior Citizen (General Public & Staff) domestic term deposits of above ₹ 5.00 Crore is withdrawn w.e.f. 01.09.2019. |
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Interest Rate (% p.a) for Deposits below Rs.2 Crore |
Interest Rate (% p.a) for Deposits Rs.2 Crore and upto Rs. 5 Crore |
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NRE Rupee Term Deposits
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7.50 |
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5.75 |
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5.80 |
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The rate of interest applicable for premature closure of Term Deposits is as follows: w.e.f. 01.12.2022 | |
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For pre-closure of deposits of below Rs.2 crore. | Penalty of 0.50% on the “Applicable Rate of Interest”. |
For pre-closure of deposits of Rs.2 crore & above. | Penalty of 1.00% on the “Applicable Rate of Interest”. |
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Savings Bank Account - Interest Rates
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Interest on FCNR (B) Deposits & RFC Deposits.
The Interest rates on FCNR (B) and RFC Deposits with effect from 10th February, 2023 are as under.
Period | USD | GBP | EUR | CAD | AUD | JPY | CHF | SEK | HKD | SGD |
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1 Year Only | 5.25 | 3.67 | 1.00 | 3.35 | 2.55 | 0.15 | 0.05 | 0.15 | 0.33 | 0.42 |
Above 1 year but less than 2 Years | 5.25 | 3.67 | 1.00 | 3.35 | 2.55 | 0.15 | 0.05 | 0.15 | 0.33 | 0.42 |
2 Years and above but less than 3 Years | 4.65 | 3.02 | 1.00 | 3.35 | 2.60 | 0.16 | NA | NA | 0.72 | 0.84 |
3 Years and above but less than 4 years | 4.50 | 2.84 | 1.00 | 3.30 | 2.32 | 0.12 | NA | NA | 0.74 | 0.78 |
4 Years and above but less than 5 Yrs | 4.00 | 2.82 | 0.82 | 3.27 | 2.44 | 0.09 | NA | NA | 0.65 | 0.78 |
5 Years only | 3.90 | 2.72 | 0.81 | 3.22 | 2.53 | 0.09 | NA | NA | 0.57 | 0.78 |
Interest Rates for RFC (Maturity less than 1 YEAR) w.e.f 10.02.2023 are as under.
Period | USD | GBP | EUR | CAD | AUD | JPY | CHF | SEK | HKD | SGD |
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Savings Bank | 0.30 | NIL | NIL | NIL | NIL | NIL | NIL | NIL | NIL | NIL |
One Month to less than Three Months | 0.50 | NIL | NIL | NIL | NIL | NIL | NIL | NIL | NIL | NIL |
Three Months to less than Six Months | 0.75 | NIL | NIL | NIL | NIL | NIL | NIL | NIL | NIL | NIL |
Six Months but less than One Year | 1.00 | NIL | NIL | NIL | NIL | NIL | NIL | NIL | NIL | NIL |
Broken period interest on FCNR (B) Deposits w.e.f from 10.02.2023.
Currency | USD | GBP | EUR | CAD | AUD | JPY | CHF | SEK | HKD | SGD |
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Broken Period Interest | 0.10% | 0.10% | NIL | 0.10% | 0.10% | NIL | NIL | NIL | NIL | NIL |