Interest Rates

  • Change in Interest Rates - Local/NRO Deposits

    With effect from October 17, 2013 The interest rates on Local and Non-Resident Ordinary (NRO) Rupee Deposits have been revised as per details below:

    LOCAL/NRO Upto Rs.15,00,000 Above Rs.15,00,001 to Rs.1 Crore Above Rs. 1 Crore
    7 to 14 Days 4.50 4.50 4.50
    15 to 45 Days 4.50 4.50 4.50
    46 to 90 Days 6.00 6.00 6.00
    91 to 129 Days 7.00 7.00 7.00
    130 Days 7.00 7.00 7.00
    131 Days to 179 Days 7.00 7.00 7.00
    180 to less than 1 year 7.50 7.50 7.50
    1 year & above to less than 2 years 8.50 8.50 8.50
    2 years to less than 3 years 8.25 8.25 8.25
    3 years to 5 Years 8.25 8.25 8.25

    (Rates are expressed in % p.a.)

    0.50% extra for senior citizens

    *For deposits above Rs.25 Lakhs, Please contact: Head Liabilities

  • Change in Interest Rates - NRE Deposits

    With effect from 17.10.2013, The interest rates on Non-Resident External (NRE) Rupee Deposits have been revised as per details below:

    Tenure Upto Rs.15,00,000 Above Rs.15,00,001 to Rs.1 Crore Above Rs. 1 Crore
    7 DAYS TO 14 DAYS N/A N/A N/A
    15 DAYS TO 45 DAYS N/A N/A N/A
    46 DAYS TO 90 DAYS N/A N/A N/A
    91 DAYS TO 179 DAYS N/A N/A N/A
    180 DAYS TO LESS THAN 1 YR N/A N/A N/A
    1 YR & ABOVE TO 2 YEARS 8.50 8.50 8.50
    2 YRS TO LESS THAN 3 YEARS 8.25 8.25 8.25
    3 YEARS TO 5 YEARS 8.25 8.25 8.25
    • (Rates are expressed in % p.a.) These rates are also applicable for renewals of NRE deposits
  • Changes in Interest Rates - RFC/Consulate Accounts in Foreign Currency

    With effect from 01.07.2014 The following rates of interest will be applicable.

    Tenor USD STG EURO YEN AUD
    Saving Account (July 2014 – September 2014) 0.23 0.53 0.15 N/A N/A
    1 month & above but less than 6 months 0.48 0.55 0.18 N/A N/A
    6 months & above but less than 1 year 0.58 0.70 0.18 N/A N/A
    1 year & above but less than 2 years 1.30 2.04 1.44 N/A N/A
    2 years & above but less than 3 years 1.33 N/A N/A N/A N/A
    3 years N/A N/A N/A N/A N/A

    (Rates are expressed in percentage per amount)

  • Change in Interest Rates - FCNR Deposits

    With effect from 01.07.2014 The following rates of interest will be applicable for FCNR deposits.

    Tenor USD STG EURO YEN AUD
    1 yr & above to less than 2 years 2.05 2.04 1.44 N/A N/A
    2 yrs & above to less than 3 years 2.08 N/A N/A N/A N/A
    3 yrs & above to less than 4 years 2.51 N/A N/A N/A N/A
    4 yrs & above to less than 5 years N/A N/A N/A N/A N/A
    • Deposits in GBP and Euro will be accepted for one year only.
    • (Rates of Interest are given as % p.a)
    • NRE Saving Deposit Rate : 4.0 %
    • (Rates are expressed in % p.a.) These rates are also applicable for renewals of NRE deposits

    Savings NRE 4.0%, Savings NRO 4.0%

    • The interest rates for all schemes (including FCNR scheme) are fixed at bank's discretion. These rates are subject to change without any notice
    • FCNR deposits will be accepted for minimum period of 1 year period. Premature encashment of FCNR Deposits before 1 year will entail complete forfeiture of interest

    Differential Rate of Interest

    • In terms of RBI directives, NRE deposits are accepted for a minimum maturity period of 1 year
    • For deposits above 5 INR crores, kindly contact the treasury
    • Interest rates are applicable for fresh and renewed deposits
    • Senior Citizens (60 years and above) are offered 0.50% additional over and above the prevailing Interest Rate (applicable only for Resident Indians)
    • Deposit will be accepted for the tenor of max 5 years (Applicable only for Local/NRO and NRE deposit interest rate)
    • MAXIMUM TENOR FOR FLEXI DEPOSITS IS 3 MONTHS W.E.F 26.12.2012
    • Savings NRE / NRO / Local account earns Interest @ 4% p.a
    • Note:

      In case of Domestic/NRO deposits no interest will be payable if the deposit is withdrawn prematurely prior to 7 days. Similarly in case of NRE deposits no interest will be payable if the deposit is withdrawn prematurely prior to completion of one year. In all other cases 1% penalty as per the present rule will be levied.

Lending rate

The Base Rate is 9.95%

For further details, please click here.

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