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Click here for Product Change Notice w.e.f July 1, 2011

Interest Rates for Savings Account and Term Deposits (Domestic, Non Residents, Loans)

NATURE RATES OF INTEREST (% p.a) MINIMUM BALANCE
ACCOUNT Normal Senior Citizen RURAL Semi Urban Urban
Savings Bank A/c
A.Domestic          
a.with cheque book facility 4 4 1000 1000 1000
b.without cheque book facility 4 4      
c. No Frills Account 4 4 0 0 0
B. Non Resident      
a. NRO 4 -  
b.NRE 4 -  

Term Deposits-Domestic & NRO Deposits (w.e.f. 10.03.2015)
Term Deposits (All Maturities) Rates of Interest (% p.a)
7 days to 14 days 6.00
15 days to 45 days 6.00
46 days to 90 days 7.50
91 days to 179 days 7.75
180 days to 364 days 8.25
365 days & above upto & inclusive of 2 years 8.80
Above 2 years upto & inclusive of 10 years 8.75
  • Senior citizens are eligible for an additional interest rate of 0.50% p.a. for all domestic term deposits of 1 year and above except for Dhanam Tax Advantage deposits.

NRE (All Maturities) (w.e.f 16.02.2015) Rates of Interest (% p.a)
365 days to 2 years 8.80
Above 2 years upto & inclusive of 3 years 8.75
Above 3 years upto & inclusive of 5 years 8.75
Above 5 years upto & inclusive of 10 years 8.75
  • No interest will be paid on term deposits that have remained with the bank for less than the minimum period prescribed.
  • For interest rates on Domestic, NRE and NRO Deposits of Rs 1 crore and above, please contact your branch.
FCNR (B) (w.e.f 01.03.2015)
  1 year & above
but < 2 years
2 years & above
but < 3 years
3 years & above
but < 4 years
4 years & above
but < 5 years
For 5 years
(Maximum)
Rates of Interest (% p.a)
i) USD 2.51 2.91 4.26 4.51 4.70
ii) GBP 2.68 3.01 4.24 4.42 4.55
iii) EUR 2.10 2.10 3.14 3.21 3.28
iv) CAD 2.95 2.90 3.97 4.07 4.18
v) AUD 4.11 4.11 5.15 5.33 5.43
vi) CHF 1.56 1.30 2.41 2.55 2.70
vii) SGD 3.03 3.35 4.60 4.82 4.97

RFC (w.e.f 01.03.2015)
  6 months and above but less than 1 year
1 years & above
but less than 2 years
2 years & above
but less tahn 3 years
3 years
Rates of Interest (% p.a)
i) USD 2.38 2.51 2.91 4.26
ii) GBP 2.68 2.68 3.01 4.24
iii) EUR 2.08 2.10 2.10 3.14
LOANS - THE BASE RATE OF THE BANK IS 11.50% p. a. WITH EFFECT FROM 09 SEPTEMBER 2013. THE BENCHMARK PRIME LENDING RATE (BPLR) OF THE BANK IS 21% p. a. WITH EFFECT FROM 02 NOVEMBER 2011. More...  

LOANS

1. Housing Loan
Housing Loan Rate of Interest Processing Charges
Interest rate for new home loans:

1% + service tax

Priority sector Home loans#

Base rate, floating (presently 11.50 % p.a.)

Other Home loans

Base Rate +0.25, floating (presently 11.75 % p.a.).

# Priority Sector Home loans:
  • Loans upto Rs.25.00lacs in metro centres (population above 10 lacs) and upto Rs.15.00lacs in other centres for purchase of house property / flats /construction for a dwelling unit per family excluding loans sanctioned to bank’s own employees.
  • Loans for repairs to the damaged dwelling units of families up to 2 lacs in rural and semi- urban areas and up to 5 lacs in urban and metropolitan areas.
     
2. Car Loans
Car Loans Rate of interest Processing charges

For new vehicle:

With LOAN TO VALUE of 80% on onroad cost
Base rate + 0.75% ie., 12.25% Fixed

With LOAN TO VALUE of 90% on onroad cost
Base rate + 1.25% ie., 12.75% Fixed

1% + Service Tax

For Pre owned car
Base rate + 2.75% ie., 14.25% Fixed

 
Education Loan
Education loan Rate of Interest Processing charges
With Interest Subsidy: Base rate+2.00%
Without interest subsidy: Base rate + 3.75%
1% + Service Tax
 
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Information on Base Rate

The Reserve Bank of India had directed all the banks to switch over to the Base Rate system from the BPLR system with effect from 1 July 2010. All new loans sanctioned effective 1 July and those falling due for renewal from 1 July, (except exempt categories as per RBI Guidelines) will now be priced with linkage to Base Rate. The main objective of introducing Base Rate is to ensure transparency in pricing and transmission of Monetary Policy guidelines.

Existing borrowers have the option to switch to the Base Rate system before the expiry of existing contracts, on mutually agreed terms. As per RBI guidelines, Bank shall review the Base Rate periodically and the interest payable by the borrower shall be subject to such changes, if any.

The Base Rate includes all the cost elements which could be clearly identified and are common across borrowers. It is the minimum lending rate below which banks cannot lend. We have fixed Base Rate, based on year to date cost of deposits, negative carry in respect of CRR & SLR, unallocatable overhead costs and average return on Networth.

The actual lending rates charged to borrowers would be the Base Rate plus borrower specific charges, which will include product specific operating costs, credit risk premium and tenor premium.

 

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