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Deposit Interest Rates

Rates of Interest on Domestic Term Deposits w.e.f 30th January,2018

Interest rates for deposits General Public (*)

Maturity Pattern

Interest Rate (% p.a) for Deposits upto and inclusive of Rs.1 Crore

Interest Rate (% p.a) for Deposits of above Rs.1 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 179 days

6.50

6.50

181 days to 364 days

6.50

6.50

1 year to 449 Days

7.10

7.10

450 Days (New slab)

7.25

7.25

451 Days to 2 Years

7.10

7.10

Above 2 Years to 10 years

6.50

--

* A separate slab has been introduced for deposits upto & inclusive of Rs.15 lakh per customer duly complying with UCIC norms, for 180 days period with interest rate at 7.00% p.a.


 

Minor Deposit Scheme w.e.f January 30th,2018

7 days to 10 years

As applicable for Domestic Term Deposits

Above 10 years

6.50

 

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

0.50% 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 30-01-2018

Interest Rate (% p.a)

Maturity Pattern

Deposits upto & inclusive of Rs.5 Crore

Deposits of above Rs.5 crore and upto Rs.10 Crore

 

7 days to 45 days

4.00

3.90

 

46 days to 90 days

5.50

5.40

 

91 days to 179 days

7.00

6.90

 

181 days to 364 days

7.00

6.90

 

1 year to 449 Days

7.60

7.50

450 Days (New slab)

7.75

7.65

451 Days to 2 Years

7.60

7.50

Above 2 Years to 10 years

7.00

--

* A separate slab has been introduced for deposits upto & inclusive of Rs.15 lakh per customer duly complying with UCIC norms, for 180 days period with interest rate at 7.50% p.a.


 

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.1 crore:

  • No penalty shall be levied for premature closure.

 

(ii) Term Deposit of Rs 1 crore & above:

  • Penalty of 1% on applicable rate shall be levied for premature closure of single rupee term deposit of Rs 1 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 30th January 2018

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

6.50

7.00

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.

 

Interest on FCNR (B) Deposits & RFC Deposits.

The Interest rates on FCNR (B) and RFC Deposits with effect from 1st February, 2018 are as under.

Period USD GBP EUR CAD AUD JPY CHF SEK HKD SGD
1 Year Only 3.24 1.86 0.91 3.21 3.03 1.20 0.56 0.81 2.74 2.46
Above 1 year but less than 2 Years. 3.24 1.86 0.91 3.21 3.03 1.20 0.56 0.81 2.74 2.46
2 Years and above but less than 3 Years. 3.46 2.08 1.03 3.35 3.21 1.23 0.70 1.07 3.04 2.72
3 Years and above but less than 4 years 3.69 2.34 1.33 3.59 3.48 1.34 0.99 1.44 3.33 3.00
4 Years and above but less than 5 Yrs 3.76 2.45 1.54 3.66 3.76 1.37 1.14 1.70 3.48 3.15
5 Years only 3.82 2.54 1.72 3.70 3.87 1.40 1.27 1.93 3.58 3.25

 

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