Eligibility : Individuals (singly or jointly), Minor by guardian, Organizations, Co-op. Societies
Minimum Balance: Rs. 5000/- and further rise in multiples of Rs. 100/-
Rate Of Interest: { CURRENT INTEREST RATES }
Special Features/Facilities: TDS applicable Form 15H/15G required to be submitted for exemption of TDS. If you are exempt from paying tax, you need to present Form 15H when you open a Fixed Deposit and subsequently at the beginning of the following financial year.
Charges / Penalty: In case of payment before maturity Interest upto 30 days will be Nil Above 30 days : 1% less than applicable rate of Interest for the actual period for which deposit is kept with the Bank.( @ Simple Interest)
Account closure : As above, if payment is before maturity .
RATE OF INTEREST ON FIXED DEPOSITS With effect from 01st May 2020 (BOD Resolution Dated 24/04/2020)
PERIOD |
Rate of Interest |
31 Days upto 90 Days |
4.75% |
91 Days upto 180 Days |
5.25% |
181 Days upto 1 Year |
5.75% |
Above 1 Year upto 2 Years |
6.75% |
Above 2 Year upto 3 Years |
7.25% |
Above 3 years upto 5 years |
7.50% |
5 years & Above |
7.00% |
Minimum period is 15 months for Sreenidhi Cash Certificate & Recurring Deposits.