Interest Rates
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| Interest Rates |
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|
Domestic Term Deposits / Additional interest benefit for Senior Citizens
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NRE Accounts
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FCNR(B)
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RFC - SB DEPOSIT
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Capital Gains Accounts Scheme 1988
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Savings Bank - 3.5 % p.a |
(Effective from 01 - 03 - 2003) |
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Domestic Term Deposits
|
| Interest Rates on Domestic Term
Deposits |
| |
Effective from : 01.07.2008
|
Effective from :14.07.2008
|
| Maturity Pattern |
Rate of Interest % p.a.
|
Rate of Interest % p.a.
|
| 7 days to 14 days |
4.00
|
4.00
|
| 15 days to 29 days |
4.75
|
4.75
|
| 30 days to 45 days |
5.00
|
5.00
|
| 46 days to 90 days |
5.50
|
5.50
|
| 91 days to 179 days |
7.25
|
7.25
|
| 180 days to 364 days(below 1 year) |
8.00
|
8.00
|
| 1 year to less than 2 years |
9.00
|
9.55
|
| 2 years to less than 3 years |
8.50
|
9.00
|
| 3 years to less than 5 years |
8.50
|
8.50
|
| 5 years & above |
8.50
|
8.50
|
| Vijaya Tax Savings Scheme |
8.50
|
8.50
|
| Additional Interest for Sr. Citizens |
0.50
|
0.50
|
|
Notes:
-
The above rates are also applicable to Capital Gain Account Scheme-1988
-
The revised interest rates are applicable to fresh deposit as well as on
renewal of matured deposits.
-
Deposits made by staff / ex-staff members under Capital Gain Account
Scheme and Vijaya Tax Savings Scheme are not eligible for 1% additional interest.However,
retired ex-staff members who are also senior citizens are eligible for 0.50% additional interet on
the said scheme.
-
The differential rates if any on deposits for all maturity periods are payable
only if the deposit runs for the full contracted period
|
|
Additional Interest Benefit on term deposits to Senior Citizens :
|
| Senior Citizens (60 years and above)
are eligible for the additional interest over the above rate on all maturity periods. This is
applicable for Resident Indian Senior Citizens. Non-resident Indian Senior Citizens are not
eligible for additional interest as advised |
| |
|
NRE Accounts
|
Repatriable Savings Bank and Term Deposit Rupee accounts carrying interest
rates. |
| NRE Savings Bank - 3.5 % p.a. |
(Effective from 18. 11.2005) |
| Interest Rates on Non Resident
External Rupee Deposit (Term Deposits) |
| |
Effective from
1
st July, 2008 |
| Maturity Period |
Interest Rate [% p.a.] |
|
1
year to less than 2 years
|
3.31
|
2
years to less than 3 years
|
3.60
|
| 3
years and above upto and including 5 years
|
3.95
|
|
Note :
The above changes in interest rates will also apply to NRE deposits renewed after their
present maturity period |
| |
|
FCNR (B)
|
| Rate of Interest at percent per annum w. e. f.
1
st July, 2008. |
| Term Deposit |
Percent Per Annum (% p.a.) |
| GBP |
USD |
EURO |
| One month and up to below 3 months |
Deposits are accepted for a minimum period of one year
|
| Three months and above but below Six months |
| Six months and above but below one year |
| One year and above but below two years |
5.70
|
2.56
|
4.64
|
| Two years and above but below three years |
5.50
|
2.85
|
4.62
|
| Three years and above but below four years |
5.47
|
3.20
|
4.55
|
| Four years and above but below five years |
5.41
|
3.42
|
4.47
|
| Five years only |
5.32
|
3.56
|
4.41
|
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- Interest on FCNR (B) deposits for periods above one year are compounded on half yearly basis at
360 days a year.
- The interest rates quoted are maximum permissible and hence deposits of retired staff members
cannot be extended additional interest over the rates quoted.
|
| |
|
RFC Deposits
|
| Rate of Interest at percent per annum w. e. f. :
1
st July 2008 |
|
Term Deposit
|
Percent Per Annum (% p.a.) |
|
GBP
|
USD
|
EURO
|
| One month and up to below 3 months |
4.75
|
1.71
|
3.69
|
| Three months and above but below Six months |
5.20
|
2.03
|
4.20
|
| Six months and above but below one year |
5.41
|
2.36
|
4.38
|
| One year and above but below two years |
5.70
|
2.56
|
4.64
|
| Two years and above but below three years |
5.50
|
2.85
|
4.62
|
| Three years and above but below four years |
5.47
|
3.20
|
4.55
|
| Four years and above but below five years |
RFC Term Deposits are accepted only for maximum
period of three years and at simple rate of interest |
| Five years only |
|
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|
RFC - SB DEPOSITS
|
RFC Savings Bank Deposits: Interest for the month of
July
2008 is as under
|
CURRENCY
|
INTEREST RATE
|
|
GBP
|
4.75 %
|
|
USD
|
1.71 %
|
|
EUR
|
3.69 %
|
|
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|
Capital Gains Accounts Scheme 1988
|
| Category of Account |
|
| Savings Bank Account |
3.5 % p.a |
| Term Deposit Account |
As Mentioned in Domestic Term Deposit (given above) |
|
