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ALL BRANCHES/ZONAL OFFICES/ OFFICES
SUB:- RATE OF INTEREST ON DOMESTIC TERM DEPOSITS, CAPITAL GAIN ACCOUNTS SCHEME-1988, RECURRING DEPOSIT SCHEME AND PSB FIXED DEPOSIT TAX SAVER
SCHEME
This is in supersession to HO Risk Management Dept. circular No 62 dated 19.07.2007. It has been decided to revise the interest rates on domestic term deposits w.e.f. 10.09.2007 as under:
(in %age p.a.)
|
EXISTING |
REVISED |
Maturity |
General
Public |
Senior
Citizens |
Maturity |
General
Public |
Senior
Citizens |
7-14 days |
3.50(*)/
4.25*) |
4.00(*) /
4.75(**) |
7-14 days |
3.50(*)/
4.25*) |
4.00(*) /
4.75(**) |
15-30 days |
5.25 |
5.75 |
15-30 days |
5.25 |
5.75 |
31-45 days |
5.25 |
5.75 |
31-45 days |
5.25 |
5.75 |
46-90days |
5.50 |
6.00 |
46-90days |
5.50 |
6.00 |
91-179 days |
6.00 |
6.50 |
91-179 days |
6.25 |
6.75 |
180-270days |
6.50 |
7.00 |
180- < 1 year |
7.50 |
8.00 |
271days < 1 year |
8.00 |
8.50 |
--- |
-- |
-- |
1 year to 2 Years |
9.00 |
9.50 |
1 year to 2 Years |
9.00 |
9.50 |
Over 2 years to 5 years |
9.00 |
9.50 |
Over 2 years to 5 years |
9.00 |
9.50 |
Above 5 years |
9.00 |
9.50 |
Above 5 years |
9.00 |
9.50 |
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(*) For this maturity period the minimum term deposit shall be for Rs. One Lac & above but less than Rs 15 lac.
(**) For this maturity period the minimum term deposit shall be Rs 15 lac and above.
NOTE:
(i) IMPORTANT: Prior permission be sought by field functionaries before obtaining single deposits of Rs. 1 crore and above from GM (Planning).
(ii) Other terms and conditions of HO. RMD Circular No. 57 dated 16.04.2007 & no.59 dated 06/06/2007 remains unchanged.
(iii) Interest rate for deposits under “PSB FIXED DEPOSIT TAX SAVER SCHEME” for the period ‘5 years and above’ shall carry interest @ 8.50% p.a. in terms of HO. P & D Dept. Circular No.2297 dated 03.02.2007 and the Senior Citizen shall be allowed additional interest @ 0.50% over the interest rate of 8.50%. However, additional benefit of 1% interest over & above normal rate to staff/ex-staff members shall not be permissible under this scheme.
Please note the captioned for strict compliance.
(P. S. Ghawri)
Deputy General Manager (RMD)
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