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Interest rates are subject to revision without notice.
 
 
Domestic & NRO Deposits    

Savings Bank Account

3.50%
 
 

Domestic Term Deposits (w.e.f. 01.07.2009)

Period
Applicable rates of interest with effect from 01.07.2009 % (p.a.)
For less than Rs.15 lakhs
For Rs.15 lakhs to less than
Rs.1 Crore
Rate of interest
% p.a
Annualised
yield #
Rate of interest
% p.a
Annualised
yield #
 7 days to 14 days
 2.50* 2.50* 2.50* 2.50
15 days to 29 days
2.50
2.50
2.50
2.50
30 days to 45 days
3.00
3.00
3.00
3.00
46 days to 90 days
 3.50 3.50 3.50 3.50
91 days to 120 days
3.50 3.50 3.50 3.50
121 days to 180days
4.00
4.00
4.00
4.00
181 days to less than 9 months
5.00
5.00
5.00
5.00
9 months to less than 1 year
6.00
6.09
6.00
6.09
1 year to less than 2 years
7.25 7.45 7.25 7.45
2 years to less than 3 years
7.25 7.73 7.25 7.73
3 year and above
7.50 8.32 7.50 8.32

Period
Applicable rates of interest with effect from 11.05.2009 % (p.a.)
For Rs. 1 crore to Rs. 5 crore
Rate of interest
% p.a
Annualised
yield #
 7 days to 14 days
 2.00 2.00
15 days to 29 days
2.00
2.00
30 days to 45 days
2.00
2.00
46 days to 90 days
 2.25 2.25
91 days to 179 days
3.50 3.50
180 days to 269days
4.50
4.53
270 days to 364 days
5.50
5.58
1 year and above
6.00 6.13

* Minimum deposit Rs. 1 lakh. # annualized yield calculated at the lower band of each slab.
The Bank reserves its right to accept Deposits beyond Rs. 5 crore at the above rates.

Note:
1.  Deposit of above Rs.5 crores Circles / Branches are to be guided by the rates being quoted by HO / Treasury Department on a daily basis and acceptance of the same will be at the approval of the Treasury Department.

2. The rates are applicable to IB Tax Saver schemes also. For the deposits of Senior Citizens, under this scheme, additional rate of 0.50% p.a is payable for the respective maturity period of 5 years and above.

3. The rate of interest on domestic term deposits is also applicable to Capital Gains Scheme Type B (Term Deposits) 1988 Scheme.

4. For Special Deposit scheme for Senior Citizens (Short Term Deposit, Fixed Deposit, Reinvestment Plan Schemes), additional rate of interest of 0.50% p.a is payable for 15 days to 10 years over the card rate only.

5. The revised interest rate on domestic term deposits is applicable only to fresh deposits and on renewal of maturing deposits.
 
 
Interest rate payable on preclosure of deposits
a. For deposits opened on or before 05.05.98 Applicable rate of interest less 1%
b. For deposits opened on or after 06.05.98
Period within which the deposit is foreclosed Eligible rate of interest

Upto 14 days

 No interest

15 days to 45 days

 2% below the applicable rate

46 days and above

 Upto Rs.1 lakh Applicable rate of interest without penalty
Above Rs.1 lakh 1% below the applicable rate
c. For deposits opened on or after 31.01.2001
Period within which the deposit is foreclosed Eligible rate of interest

Upto 14 days 

 No interest

15 days and above

 Applicable rate of interest without penalty
d. For preferential deposits opened on or after 20.02.2002 - (The limit for offering differential rate has been increased from Rs.1 Crore to Rs.2 Crores with effect from 10.6.2002).
period run Category of Deposits Category of Deposits
  Rs.15 lakhs to less than Rs.1 Crore Rs. 1 Crore and above
Upto 6 days

 

 No interest is payable on foreclosure of deposit accounts No interest is payable on foreclosure of deposit accounts
7 days and above

 

 Eligible rate will be the applicable rate for Rs.15 lakhs to less than Rs. 1 Crore slab for the actual period run ruling at the time of deposit without penalty Eligible rate will be the applicable rate for Rs.15 lakhs to less than Rs. 1 Crore slab for the actual period run ruling at the time of deposit without penalty
e. For deposits opened on or after 01.11.2002
period run Deposits of less than Rs.15 lakhs Deposits of Rs.15 lakhs to Rs. 5 Crore Deposits of above Rs.5 Crore
7 days to 14 days No interest will be paid on foreclosure of deposit No interest will be paid on foreclosure of deposit No interest will be paid on foreclosure of deposit
15 days and above Eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 0.75% p.a as foreclosure charges Eligible rate will be the applicable card rate for the actual period run prevailing on the date of deposit less 1% p.a as foreclosure charges Eligible rate of interest will be the applicable rate of interest prevailing at the time of deposit for above Rs.5 crore or Rs.15 lakhs to Rs. 1 crore, which ever is less minus 1% as foreclosure charges
 
 
Payment of Interest on Overdue Deposits (w.e.f. 01 10 2001)
1. Where the overdue period does not exceed 14 days:

i. the deposit shall be renewed for a minimum period of 15 days from the date of presentation
ii.the rate of interest to be applied will be the rate ruling on the date of maturity of deposit relevant to the period of renewal
1. Where the overdue period exceeds 14 days:

i. the deposit shall be renewed for a minimum period of 15 days from the date of presentation
ii. the rate of interest to be applied shall be segregated into two parts as under:

Part A. Upto the date of presentation: (irrespective of the type of original deposit)

At simple interest only, at the rate whichever is lower of the following two

a. The rate prevailing at the time of maturity of the deposit for the overdue period
Or
b. The rate prevailing at the time of presentation for the overdue period

Part B. From the date of presentation to the future date of maturity:

At the rate prevailing on the date of presenation for renewal at simple or compound at the option of the depositor for the remaining period.

When the request is made by the customer for payment of overdue deposit without renewal, the unclaimed amount will attract savings bank rate of interest from the date of original maturity to the date of payment (simple interest).
 
NRE Deposits    
Savings Bank Account(at par with domestic savings deposit interest rate)
 3.50% for the balances maintained

 
 
 
Interest rate applicable for preclosure of NRO deposits
Period within which the deposit is foreclosed Eligible Interest
Upto 6 months No interest payable
6 months and above Applicable interest rate for the period run without penalty or the contracted interest rate whichever is less without penalty
 
 
Interest rate applicable for preclosure of NRE deposits
Period within which the deposit is foreclosed Eligible Interest
Upto 1 year No interest payable
1 year and above Applicable interest rate for the period run without penalty or the contracted interest rate whichever is less without penalty
 
 

NRE Term Deposits & FCNR (B) Deposits (w.e.f. 01.07.2009)

FCNR (B) DEPOSITS (w.e.f. 01.07.2009)
NRE(w.e.f. 01.07.2009)
PERIOD
USD
GBP
EUR
CAD
AUD
NRE TERM DEPOSITS
(INR)
1 Year & above but less than 2 years
2.61
2.70
2.50
2.55
5.28
3.36
2 Years & above but less than 3 years
2.53
3.32
2.84
2.18
5.18
3.28
3 Years & above but less than 4 years
3.12
4.02
3.30
2.87
5.88
3.87
4 Years & above but less than 5 years
3.57
4.46
3.64
3.29
6.35
3.87
5 years only
3.93
4.72
3.91

3.62
6.58
3.87
SB NRE - 3.50 % at par with domestic savings deposit

Note:

1. The revised interest rates on deposits would be applicable only to fresh deposits and on renewal of maturing deposits.

2. FCNR (B) Deposits not accepted in Japanese Yen w.e.f 15 05 2002
 

RFC Term Deposits (w.e.f. 01.07.2009)

PERIOD
CURRENCY
USD
GBP
EUR
1 Year & above but less than 2 years
2.61
2.70
2.50
2 Years & above but less than 3 years
2.53
3.32
2.84
3 Years & above but less than 4 years
3.12
4.02
3.30
4 Years & above but less than 5 years
3.57
4.46
3.64
5 years only
3.93
4.72
3.91
 
 
Payment of Interest for overdue period in case of renewal of FCNR deposits after the date of maturity ( w.e.f August 21, 2002)
Overdue FCNR deposits or a portion thereof will be renewed from the date of maturity, provided the overdue period from the date of maturity till the date of actual renewal (both days inclusive) does not exceed 14 days.

The rate of interest on the amount of the deposit so renewed shall be at the appropriate rate for the period of renewal as prevailing on the date of mataurity or on the date when the request for renewal is made, whichever is lower.

In case the overdue period exceed 14 days and the depositor places the entire amount of deposit or a portion thereof as a fresh deposit, simple interest for the overdue period on the amount so placed as fresh deposit may be paid at lower of the rates of interest set our at 'a' or 'b' below:
a) Overdue period of FCNR (B) deposit
Rate of interest
15 days to 45 days
1.00%
46 days to 90 days
1.50%
91 days and above
1.75%
(OR)
b) The minimum rate of interest operative on the date of placement of such deposit for the currency concerned
 
 
Interest rate applicable on preclosure of FCNR (B) deposits
Period within which the deposit is foreclosed Eligible interest 
1. Upto One year  No interest
2. One year and above Applicable interest rate for the period run without penalty or the contracted interest rate whichever is less without penalty. 
 
 
Resident Foreign Currency - SB (applicable from 01.04.2009 to 30.09.2009)
Currency USD GBP EUR
Interest Payable 0.50 1.03 1.18
 
 
Resident Foreign Currency Deposits (w.e.f. January 12, 2001)
Current Account Nil
Savings Bank (only in the name of individuals) LIBOR- less 1%
 
 
 

Lending Rates*

Benchmark Prime Lending Rate (BPLR)
(w.e.f. July 01, 2009)
12.00% p.a.
Term Lending Rate for tenor of 36 months & above
BPLR plus Tenor Premium of 0.50% p.a.
Maximum Risk Premium
4.00% p.a.

 

* This revision will be EFFECTIVE FROM 01.07.2009 for all existing and new advances linked to BPLR under Floating Rate method including Export Credit / Gold Card Scheme, Advances to THIRD PARTIES against our Deposit, Rupee Loan to third parties against FCNR Deposits etc.

Crop loans including Agri Jewel Loan upto Rs. 3 lakhs will continue to be priced @ 7.00% p.a. (Interest Subvention Scheme)

For Export advances the rate of interest will be 250 bps below BPLR.

The existing guideline to quote not more than BPLR for credit limits (of all Working Capital and Term Loans) to a single borrower enjoying a consolidated / Total credit limits upto Rs.2.00 lakh should continue to be complied. This ceiling of “not more than BPLR” is NOT applicable for consumer and personal loans.

All advances above Rs.2.00 lakh and consumer / personal loans irrespective of size are to be priced with the applicable full spread except where finer pricing is part of the scheme or sanctioned / approved by the competent Authority.

The existing Fixed Rate advances will continue at the contracted rate till the contracted period or reset date whichever is earlier.

Under Fixed Rate wherever re-set clause is stipulated as per terms of sanction the repricing may be reviewed sufficiently in advance and taken up with sanctioning Authority.

Fixed Rates for new advances will be determined based on the revised BPLR, prevailing on the date of DISBURSEMENT unless the Sanction Ticket stipulates that the ROI prevailing on date of sanction is applicable.

For all general advances other than Structured Products the delegation to price at Fixed Rate continues to be at the level of Executive Director and above upto their credit sanctioning powers.

TENOR PREMIUM (TP): Tenor Premium (TP) of 0.50% should be added to all Term Loans with total contracted maturity of 36 MONTHS AND ABOVE inclusive of holiday / moratorium period, if any.

SPREAD : The maximum spread continues to be 4.0% (above the BPLR) for general advances and 2.00 % (above the BPLR) for Agri. advances above Rs.3 lakhs / SSI/SME (priority advances) as hitherto. The penal interest rate continues to be the same as per the extant guidelines. For various products, the existing product specific spread will continue.

 

NOTICE TO ALL CUSTOMERS

NOTICE IS HEREBY GIVEN TO ALL CUSTOMERS, THAT


1) THE BENCHMARK PRIME LENDING RATE OF OUR BANK IS REDUCED BY 0.50% FROM THE EXISTING RATE OF 12.50% TO 12.00%, PER ANNUM (w.e.f. 01.07.2009).

2) THE SPREAD ( MAXIMUM 4.0% ) / TENOR PREMIUM (0.50%) / PENAL INTEREST (MAXIMUM 2.0%) ARE APPLICABLE AS PER EXTANT GUIDELINES.

3) THIS IS APPLICABLE FOR ALL EXISTING AND NEW ADVANCES UNDER FLOATING RATE SANCTIONS AND APPLICABLE FOR NEW ADVANCES SANCTIONED UNDER FIXED RATE.

4) TENOR PREMIUM WILL BE APPLICABLE ON ALL TERM LOANS WITH CONTRACTED MATURITY OF 36 MONTHS AND ABOVE.

5) FOR EXPORT ADVANCES THE RATE OF INTEREST WILL BE 250 BPS BELOW BPLR.

6) CROP LOANS INCLUDING AGRI JEWEL LOANS UPTO RS.3 LAKH WILL CONTINUE TO BE PRICED @ 7.00% PER ANNUM (INTEREST SUBVENTION SCHEME).

7) THE ABOVE REVISIONS ARE EFFECTIVE FROM 01.07.2009.



Export Credit

PRE-SHIPMENT CREDIT

Revised

Upto 180 days

BPLR minus 2.50

 Beyond 180 days & upto 270   days (if   extension is granted)-

BPLR +0.50

Against incentives receivable from Government covered by ECGC   guarantee upto 90 days

BPLR minus 2.50

On demand bills for transit   period

( as specified by FEDAI)

BPLR minus 2.50

Usance Bills        (For total period comprising usance period of  export bills, transit period as specified by FEDAI and grace period wherever applicable).   

a)  Upto 90 days

BPLR minus 2.50

b) Beyond 90 days and upto 6 months from the date of shipment

BPLR

c) Against incentives receivable from Government covered by ECGC guarantee (upto 90 days.)

BPLR minus 2.50

d)   Against undrawn balance (upto 90  days)

BPLR minus 2.50

e) Against retention money (for supplies portion only) payable within one year from the date of shipment (Upto 90 days)

BPLR minus 2.50

 

Export Credit Not Otherwise Specified (ECNOS) – PC

Revised

Rupee - Packing Credit

  

If overdue PC is adjusted out of export proceeds after 360 days:  

 

a.  Upto 180 days

BPLR minus 2.50

b. From 181 days to 270 days (If extension for PC is granted as per guidelines)

BPLR + 0.50

c.  From the 181st day (when extension is not granted) / From the 271st day (irrespective of extension being given or not) till date of adjustment of PC with export proceeds.

BPLR + 4.00

Wherever PC is adjusted out of Domestic Funds but not out of export bill   proceeds (including the amount received from ECGC  under   settlement of claim)     (From the first day of advance)

BPLR + 4.00 + 2.00

Against DDB / Incentive Receivable from Government covered by ECGC Guarantee.

Beyond 90 days till date of payment

BPLR + 4.00

If party is not eligible for incentive (from the first day   of advance)

BPLR + 4.00 + 2.00

Export Credit Not Otherwise Specified (ECNOS) P C  -ECNOS (PC)

BPLR + 4.00

 

Export Credit Not Otherwise Specified (ECNOS) – Post shipment

Classification of Overdue Export Bills

Beyond Normal Transit period in the case of demand bills or beyond the Notional Due Date in the case of usance bills.

* Upto first 15 days from the NTP/NDD (within the time allowed to transfer to ADOVEXBIR)

 

 

BPLR + 1.00

* Beyond 15 days from the NTP/NDD and for ADOVEXBIR account/ Other Overdue Post shipment receivables like Duty Drawback.

BPLR  + 4.00

If adjusted from Rupee Resources (for overdue period)

BPLR +4.00+2.00

Against incentives receivable from Government covered by ECGC guarantee for post shipment advances   

a. Beyond 90 days till date of payment

b. If party is not eligible for incentives (from the date of advance)

 


BPLR  + 4.00

BPLR +4.00+2.00

Against undrawn balance-beyond 90 days

BPLR + 4.00

Against retention money (for supplies portion only) payable within one year from the date of shipment – beyond 90 days.

BPLR +4.00

Deferred Credit for period beyond 180 days with or without refinance from EXIM Bank (from the date of  advance)

BPLR + 4.00

 

Interest rate for Gold Card Exporters

  

PC upto 180 days

BPLR - 2.50%

FBP -DP&DA (Usance upto 365 days)

BPLR - 2.50%

FBN -DP&DA (Usance upto 365 days)

BPLR - 2.50%

PC upto 180 days

BPLR - 2.50%

FBP upto 90 days

BPLR - 2.50%

FBN upto 90 days

BPLR - 2.50%

 

Card Rate for Eligible Export Credit

(i) Pre shipment advances upto 180 days
BPLR minus 2.50%
(ii) Post shipment advances upto 90 days
BPLR minus 2.50%
Export Credit not other wise specified (ECNOS)
(i) ECNOS (PC)
Minimum - 12.00% , Maximum - 17.50%
(ii) ECNOS (PS)
Minimum - 12.50% , Maximum - 17.50%
 
 

Note: RBI guidelines in force from time to time are applicable.
Last Updated July 1, 2009

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