Revised Rate of Interest on different types & tenure of deposits with effect from 01/02/2024
Pursuant to the decision taken in the Board of Directors Meeting dated 30.12.2023 regarding revision of Rate of Interest on deposits; it is hereby informed to all concerned that the rate of interest on deposits as mentioned below, has been revised on fresh or renewal of deposits with effect from 01/02/2024.
On the said revision the Rate of Interest on all deposits will be as under and it will take effect from 01/02/2024.
Rate of interest on Savings Bank and Term Deposits with effect from 01/02/2024
| Sl. No. |
Type of Deposit |
Rate of interest % p.a. |
|
| 1. | SAVINGS BANK DEPOSIT | Balance below Rs.2.00 Lakh | Balance Rs.2.00 Lakh or above |
| a) |
Savings Bank Deposit (General) |
3.00% | 3.10% |
| b) |
Millennium S B Deposit |
Discontinued wef 01.02.2024 | |
| c) |
Savings Bank Deposit (Govt. / Panchayet) |
2.90% | 2.90% |
| d) |
Savings Bank Deposit – Society |
3.10% | 3.10% |
| Sl. No. |
Type of Deposit |
||||
| 2. | TERM DEPOSIT ( Fixed/Special Fixed / Recurring) |
Rate Of interest %@p.a.
|
|||
| Periods | Less than Rs.1.00 Crore | Rs.1.00 Crore and above | |||
| 2(a)
GENERAL PUBLIC |
2(b)
SENIOR CITIZEN |
2(C)
GENERAL PUBLIC |
2(d)
SENIOR CITIZEN |
||
| i) | 7 days to 45 days | 3.50 | 3.50 | 3.60 | 3.60 |
| ii) | 46 days to 90 days | 5.00 | 5.00 | 5.10 | 5.10 |
| iii) | 91 days to 110 days | 5.50 | 5.50 | 5.60 | 5.60 |
| iv) | Special Scheme for 111 days | 7.25 | 7.25 | 7.35 | 7.35 |
| v) | 112 days to 180 days | 6.00 | 6.00 | 6.10 | 6.10 |
| vi) | 181 days to 364 days | 6.25 | 6.25 | 6.35 | 6.35 |
| vii) | 365 Days / 12 Months / 1 Year | 7.20 | 7.70 | 7.30 | 7.80 |
| viii) | Above 1year to less than 3 years | 7.00 | 7.50 | 7.10 | 7.60 |
| ix) | 3 Years to 5 Years | 6.60 | 7.10 | 6.70 | 7.20 |
| x) | Above 5 Years to 10 Years | 6.25 | 6.75 | 6.35 | 6.85 |
| xi) | Special Scheme for 444 days | 7.15 | 7.65 | 7.25 | 7.75 |
| xii) | Special Scheme for 1111 days | 6.75 | 7.25 | 6.85 | 7.35 |
| 3 | MONTHLY INCOME SCHEME (MIS) – FIXED DEPOSIT
Period – Only For 3 years (Minimum of Rs. 5000/- and in multiple of Rs. 1000/-) Only for individuals. |
3(a)
General |
3(b)
Senior Citizen %@p.a. |
| 7.40 | 7.90 | ||
| 4 | STATUTORY RESERVE FUND, BAD DEBT FUND, RISK FUND, SPL. DEPOSIT (ARDR) & GUARANTEE FUND OF THE CO-OP. SOCIETIES AFFILIATED TO THIS BANK ALONG WITH EMPLOYEES’ SECURITY DEPOSIT, Deposit Guarantee Fund & Credit Guarantee Fund – Interest will be calculated on half yearly basis. | 7.20% | |
|
OTHER CONDITION |
| A) The existing employee / existing employee jointly with wife or husband or dependant / Retired Employee / Retired Employee jointly with wife or husband or dependant / spouse of the deceased employees with Nominee and this Bank’s Employees Organisation / Association, would be allowed additional 1% interest over the normal rate of interest on all types of Deposit (Sl. No.1 (a), 2(a), 2(b), 2(C), 2(d) , 3(a), 3(b)). A declaration in this regard must be obtained that the amount deposited belongs to the concerned Staff / Ex-Staff. In all joint cases, existing employee / retired employee will remain as 1st holder of the deposits.
B) Deposit mobilising PACS who have followed / complied the order No. B & D / 198 dated 22/11/2023 of the Bank in regard to its deposit mobilisation will be allowed 0.50% additional interest on Term Deposits only in the form of Fixed & Special Fixed Deposits mentioned in Item No. 2(i) to 2(xii) (except Recurring Deposit) . C) Additional 0.50% interest will be allowed to the PF A/c of Employees of the PACS affiliated under the Bank in the form of Fixed & Special Fixed Deposits (except Recurring Deposit) mentioned in Item No. 2(i) to 2(xii). D) Co-operative Agriculture and Rural Development Banks and Peoples Co-operative Banks of Paschim Medinipur, Purba Medinipur and Jhargram distiricts will be allowed 0.50% additional interest on Term Deposits only in the form of Fixed & Special Fixed Deposits mentioned in item no. 2(i) to 2(xii) (except Recurring Deposit) |
N.B. – 1) In case of MIS, Interest will be paid on monthly basis at discounting rate.
2) In respect of 2(b), 2(d) and 3(b) for Sr. Citizen (only above the age of sixty years), age proof documents be obtained from the concerned depositor(s) at the time of deposit. Senior Citizen benefits will be allowed only on Term Deposits (except Recurring Deposits) above 364 days.
3) Proper KYC must be obtained for opening of TD A/c or the Linked SB A/c must be properly KYC Compliant.