Deposit Interest Rates

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Interest Rates On Term Deposits.

All Term Deposit Scheme

Revised Interest Rates on Fixed Deposits / SSDC / MIDC / Recurring Deposits / Bulk Deposit Schemes with effect from 25/02/2025. [Board Meeting Date: 25/02/2025]

Revised Interest Rates on Fixed Deposits / SSDC / MIDC / Recurring Deposits / Bulk Deposit Schemes with effect from 26/07/2024.

w.e.f. 01/04/2024

No	Particulars	Existing Interest Rate for General Public w.e.f. 26/07/2024	Existing Interest Rate for Senior Citizen w.e.f. 26/07/2024	Revised Interest Rate for General Public w.e.f. 01/11/2024	Revised Interest Rate for Senior Citizen w.e.f. 01/11/2024
1	7 Days to 30 Days (FDR)	3.75 %	N.A.	3.75 %	N.A.
2	31 Days to 90 Days (FDR)	4.00 %	N.A.	4.00 %	N.A.
3	91 Days to 180 Days (FDR)	5.00%	N.A.	5.00%	N.A.
4	181 Days to 363 Days (FDR)	5.75%	N.A.	5.75%	N.A.
5	Nutan Samruddhi 364 Days Auto Renew (Cumm. & Non Cumm)	7.75%	8.25%	7.15%	7.65%
6	· For 1 Year & Up to 2 Years (Quaterly basis i.e 12,15,18,21,24 month only) · Above 2 Year & up to 3 years (Quaterly basis i.e 27,30,33,36 month only) · Above 3 Year & up to 5 years (FDR/SSDC/MIDC/Recurring Depo.) *(Deposits will be accepted in Multiple of full months only.)*	8.25% 8.00% 7.50%	8.75% 8.50% 8.00%	7.50% 7.25% 7.35%	8.00% 7.75% 7.85%
7	Nutan Bulk Deposit – (FOR GENERAL PUBLIC) (FDR / SSDC) Single Deposit Rs.1 Crore & above · For 90 days to 180 days · For 181 days to 363 days · For 1 Year & up to 3 Years	7.00 % 7.50 % 7.25 %	N.A. N.A.	7.00 % 7.25 % 7.50 %	N.A. N.A.
8	Inter Bank Deposits (FDR / SSDC) · For 90 days to 179 days · For 180 days to 363 days · For 1 Year & up to 3 Years [Minimum Deposit Rs.50/- Lac and above] · [ *For P.B.M. No Penalty* ]	7.00 % 7.50 % 7.25 %	N.A.	7.00 % 7.25 % 7.50 %	N.A.

No	Particulars	Revised Interest Rate for General Public w.e.f. 25/02/2025	Revised Interest Rate for Senior Citizen w.e.f. 25/02/2025
1	7 Days to 30 Days (FDR)	3.75 %	N.A.
2	31 Days to 90 Days (FDR)	4.00 %	N.A.
3	91 Days to 180 Days (FDR)	5.00%	N.A.
4	181 Days to 363 Days (FDR)	5.75%	N.A.
5	Nutan Samruddhi 364 Days Auto Renew (Cumm. & Non Cumm)	7.15%	7.65%
6	· For 1 Year & Up to 2 Years (Quaterly basis i.e 12,15,18,21,24 month only) · Above 2 Year & up to 3 years (Quaterly basis i.e 27,30,33,36 month only) · Above 3 Year & up to 5 years (FDR/SSDC/MIDC/Recurring Depo.) *(Deposits will be accepted in Multiple of full months only.)*	7.50% 7.25% 7.35%	8.00% 7.75% 7.85%
7	Nutan Bulk Deposit – (FOR GENERAL PUBLIC) (FDR / SSDC) Single Deposit Rs.1 Crore & above · For 90 days to 180 days · For 181 days to 363 days · For 1 Year & up to 2 Years · Above 2 Years & upto 3 Years	7.00 % 7.25 % 7.50 % 7.25 %	N.A. N.A. N.A.
8	Nutan Bulk Deposit – (FOR TRUST and CO-OPERATIVE SOCIETY ) (FDR / SSDC) Single Deposit Rs.1 Crore & above. (General public Interest rate + 0.25%) · For 1 Year & upto 2 Years · Above 2 Years & upto 3 Years [ For P.B.M. general public Interest rate will be applicable ]	7.75 % 7.50 %	N.A. N.A.
9	Inter Bank Deposits (FDR / SSDC) · For 90 days to 179 days · For 180 days to 363 days · For 1 Year & up to 3 Years [Minimum Deposit Rs.50/- Lac and above] · [ *For P.B.M. No Penalty* ]	7.00 % 7.25 % 7.50 %	N.A.

Under Senior Citizen Scheme 1st Name of the Deposit holder must be of Senior citizen.

0.50% Additional interest rate to Senior Citizen for Deposit of 1 Year
And above & Nutan Samruddhi Deposit Scheme.

1% Additional interest rate to Staff / Ex-staff members (Retired)

* Recurring Deposit and MIDC /SSDC should be accepted for min. 1 Year & up to 3 Years only.

0.50% Penalty should be levied on Deposit paid before maturity.

* Nutan Tax Saving Deposit Scheme

Deposit under benefit of Income-Tax u/s 80 C for a Fixed Period of 5 Years.

Particulars	Revised Int. Rate w.e.f. [25/02/2025]
(A) For General Public	6.50%
(B) For Senior Citizen	7.00%
( c) For Staff / Ex staff	7.25%

No additional Interest rate benefit for staff / Ex staff deposit under Income Tax U/s 80C for 5 year. Donot add 1% additional Interest rate in above mentioned Nutan Tax Saving Deposit Scheme rate.

Interest Calculation

Current Deposit – No interest will be paid.
Saving Deposit – Savings Interest is deregulated by Reserve Bank of India and paid as decided by bank. Interest shall be calculated on daily closing balance payable on half yearly basis at the interest rate decided by the bank from time to time. [At present 3.25% p.a interest is paid on saving deposit on half yearly basis i.e 26th March to 25th September and 26th September to 25th march of every year.
Term Deposit: Term deposit interest rates are decided by the Bank within the general guidelines issued by the Reserve Bank of India from time to time. In terms of Reserve Bank of India directives, interest shall be calculated at quarterly intervals on term deposits and paid at the rate decided by the Bank depending upon the period of deposits. In case of monthly income scheme, the interest shall be calculated for the quarter and paid monthly at discounted value. The interest on term deposits is calculated by the Bank in accordance with the formula and conventions advised by Indian Banks’ Association. Accordingly Bank has adopted following methodology.
In all cases of domestic term deposits ( period of deposit more than a year) where the terminal quarter is incomplete, interest should be calculated for the actual number of days, reckoning the year 365/366 days viz the calculation of interest on such deposits should be in order of completed quarters and days.”

Benefit of additional interest Rate

Senior Citizen, Staff Members and Retired staff members will get benefit of additional rate of 1.00% if Term Deposit is kept for minimum period of one year.

Statutory Obligation of TDS

TDS will be deducted on interest payment as prescribed under per income tax act from time to time. Interest payments and maturity amount mentioned in Fixed deposit are subject to change due to deduction of TDS.

Premature withdrawal of Fixed Deposit

The Bank on request from the depositor, at its discretion may allow withdrawal of term deposit before completion of the period of the deposit agreed upon at the time of placing the deposit. However, no interest shall be paid, where premature withdrawal of deposits takes place before completion of the seven days (minimum period as specified in section 7(a) (i) of RBI Master Direction on Interest rate on Deposit for Co-operative Banks.)
Bank may disallow premature withdrawal of large rupee term deposit of Rs 1.00 crore and above for all depositors including Individual and HUfs
Penalty is 0.5% (at present) on premature payment of deposits. The rate of interest applicable for premature payment will be after deducting penalty of 0.5% the rate ruling on the date of accepting the deposit (i.e. the date of contract) for the period for which deposit has actually remained with the Bank or the Contracted Rate whichever is lower. However in no case interest payment will exceed contracted rate.
Penalty is waived on settlement of claims in the deceased depositor’s accounts in the case of a term deposit standing in the name of deceased individual depositor and two or more joint depositors where one of the depositors has died. Interest is paid at the applicable rate.

Interest Payable in Term Deposit of Deceased depositor

In the event of death of the depositor before the date of maturity of deposit and amount of the deposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate till the date of maturity.
In the case of death of the depositor after the date of maturity of deposit, the bank shall pay interest at Savings Bank deposit rate applicable from the date of maturity till the date of payment.

SETTLEMENT OF DUES IN DECEASED DEPOSIT ACCOUNT

If the depositor has registered nomination with the Bank, the balance outstanding in the account of the deceased depositor will be paid to the nominee by way of Pay order/transfer to his/her account after obtaining application demanding the money and after the Bank satisfies about the identity of the nominee. However, the balance paid to the nominee will be held by him as trustee of legal heirs of the deceased.
The above procedure will be followed even in respect of a joint account where nomination is registered with the Bank.
In a Joint Deposit Account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as “either or survivor, former / latter or survivor, anyone of survivors or survivor; etc., the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased.
In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the Bank’s Board. This is to ensure that the common depositors are not put to hardship on account of delays in completing legal formalities.
Deceased claim shall be settled within 15 days of intimation of death of depositor with required documents to process the claim.