Deposit Interest Rates

Domestic term deposits (w.e.f. 1 Feb 2024)

Sub: Introduction of new slab for 11 days to 16 days at 6.85% for domestic term deposit of Rs.100Cr upto Rs.200Cr and term deposit of above Rs.200Cr and new slab for 7 days to 10 days at 6.80% for domestic term deposit of above Rs.200Cr, applicable for two days only i.e., from 15-03-2024 to 16.03.2024.

Interest rates for deposits (General public)

Maturity pattern Interest rate (% p.a.) for deposits below ₹ 2 crore Interest rate (% p.a.) for deposits ₹2 crore – ₹5 crore Interest rate (% p.a.) for deposits ₹5 crore – ₹10 crore
7 days to 45 days 3.5 3.5 3.5
46 days to 90 days 4 4 4
91 days to 179 days 5.25 6.75 6.75
180 days 6 - 7.1 7.15 7.25
180 days to 269 days 6 6.75 6.75
270 days to under 1 year 6.5 7.1 7.2
1 year to 2 years 7.1 7.1 7.1
375 days (FD & ACC)* 7.4 7.4 7.4
444 days (FD & ACC)* 7.25 7.2 7.2
Above 2 years to 5 years 6.5 6.5 6.5
Above 5 years to 10 years 5.8 5.8 5.8

Minor deposit scheme

Maturity pattern Interest rate (% p.a.)
375 days (FD & ACC) 7.4
444 days (FD & ACC) 7.2 - 7.25
7 days to 10 years As applicable for domestic term deposits
Above 10 years 5.5

Interest rates for senior citizens (FD & ACC only) w.e.f. 1 Feb 2024

*0.40% extra over the general rate up to & 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 Senior Citizen interest rate benefit for term deposits below 1 year is withdrawn w.e.f. June 06, 2019.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interest rate benefits on Senior Citizen (General Public & Staff) domestic term deposits of above ₹ 5.00 Crore is withdrawn w.e.f. 01.09.2019.

Maturity pattern Interest rate (% p.a.) for deposits below ₹2 crore Interest rate (% p.a.) for deposits ₹2 crore – ₹5 crore
375 days (FD & ACC)* 7.8 7.8
444 days (FD & ACC)* 7.65 7.6
1 year to 2 years 7.5 7.5
Above 2 years to 5 years 6.9 6.9
Above 5 years to 10 years 6.3 6.3

NRE rupee term deposits (w.e.f. 1 Feb 2023)

Interest rates for NRE Rupee term deposits

Maturity pattern Interest rate (% p.a.) for deposits below ₹2 crore Interest rate (% p.a.) for deposits ₹2 crore – ₹10 crore
375 days (FD & ACC)* 7.4 7.4
444 days (FD & ACC)* 7.25 7.2
1 year to 2 years 7.1 7.1
Above 2 years to 5 years 6.5 6.5
Above 5 years - 10 years 5.8 5.8

Premature closure

Premature Closure of both Domestic & NRE Deposits:

For Regular deposit schemes, the penalty clause for premature closure of fresh and renewed deposits is as follows:

  • Term deposit below ₹2 crore
    • In the case of NRE rupee deposits, the minimum period of deposit is 1 year. Hence, no interest is payable on premature closure of NRE rupee deposits within 1 year.
  • Term deposit above ₹2 crore
    • Penalty of 1% on applicable rate shall be levied for premature closure of single rupee term deposit of ₹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.
    • In the case of NRE rupee term deposits the minimum period of deposit is 1 year. Hence, no interest is payable on premature closure of NRE rupee deposits within 1 year.

The rate of interest applicable for premature closure of Term Deposits is as follows: w.e.f. 01.12.2022

  • For pre-closure of deposits of below ₹2 crore.
    • Penalty of 0.50% on the “Applicable Rate of Interest”.
  • For pre-closure of deposits of ₹2 crore & above.
    • Penalty of 1.00% on the “Applicable Rate of Interest”.
Scheme Interest rate (% p.a.) Remarks
KBL Tax Planner 6.5 for general public 6.9 for senior citizens Period of deposit is fixed for 5 years only, for deposits not exceeding ₹1.5 lakhs in a year. Premature closure under this scheme is not allowed.

Interest on FCNR (B) Deposits & RFC Deposits.

The Interest rates on FCNR (B) and RFC Deposits with effect from 01st August, 2023 are as under.

Period USD GBP EUR CAD AUD JPY CHF SEK HKD SGD
1 year only 5.5 5.35 3 4.3 3.5 0.15 0.05 0.15 0.33 0.42
Above 1 - < 2 years 5.5 5.35 3 4.3 3.5 0.15 0.05 0.15 0.33 0.42
2 years - < 3 years 4.65 3.25 1.5 4.1 3.5 0.16 N/A N/A 0.72 0.84
3 years - < 4 years 4.2 2.84 1.5 3.3 3.25 0.12 N/A N/A 0.74 0.78
4 years - < 5 years 4 2.82 1.5 3.27 3.25 0.09 N/A N/A 0.65 0.78
5 years only 3.9 2.72 1.5 3.22 3.5 0.09 N/A N/A 0.57 0.78

Interest rates for RFC deposits (maturity less than 1 year) w.e.f. 1.08.2023

Period USD GBP EUR CAD AUD JPY CHF SEK HKD SGD
Savings bank 0.3 Nil Nil Nil Nil Nil Nil Nil Nil Nil
1 month - < 3 months 0.5 Nil Nil Nil Nil Nil Nil Nil Nil Nil
3 months - < 6 months 0.75 Nil Nil Nil Nil Nil Nil Nil Nil Nil
6 months - < 1 year 1 Nil Nil Nil Nil Nil Nil Nil Nil Nil

Broken period interest rates for FCNR(B) deposits w.e.f 01.08.2023

Period USD GBP EUR CAD AUD JPY CHF SEK HKD SGD
Broken period interest 0.1 0.1 Nil 0.1 0.1 Nil Nil Nil Nil Nil