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 Rupee Term Deposit Rate
                                                         Revision in Interest Rates On Domestic Rupee Term Deposits
                                
 

DOMESTIC RUPEE TERM DEPOSITS 
The Bank has decided to revise interest rates on Domestic Rupee Term Deposits w.e.f 27.6.2011   (There is no revision in Rate of interest for Deposits below Rs1Crore.The rates of interest have been revised only for Domestic Term Deposits of Rs 1 Crore and above which will be displayed on daily basis)
Domestic Rupee Term Deposits                                                                                             (% p.a.)

Maturity

For deposits less than Rs.15 lakh

For deposits Rs.15 lakh & above but less than Rs.1 Cr.

For deposits of Rs.1 Cr.  And above but less than Rs10 Cr

Existing
w.e.f.
01.06.11

w.e.f.
27.06.11( No revision  )

Existing
w.e.f.
01.06.11

w.e.f.
27.06.11( No revision  )

Existing
w.e.f.
01.06.11

The rates will be quoted on daily basis 
(Rates for  16.09.11)

07 days to 14 days *

4.00

4.00

4.00

4.00

2.50

4.50

15 days to 30 days

4.50

4.50

4.50

4.50

2.75

5.00

31 days to 45 days

5.50

5.50

5.50

5.50

3.00

6.50

46 days to 90 days

5.50

5.50

5.50

5.50

4.00

7.25

91 days to 179 days

7.00

7.00

7.00

7.00

6.25

7.50

180 days to 269 days

8.00

8.00

8.00

8.00

6.75

8.25

270 days to 364 days

8.00

8.00

8.00

8.00

7.00

8.75

1 Year to less than 2 Yrs except 555 days

9.00

9.00

9.00

9.00

Being quoted daily

9.30

555 days

9.25

9.25

9.25

9.25

2 Years to less than 3 Years

9.00

9.00

8.00

8.00

8.25

8.25

3 Years to less than  5 years except for 1111 days

8.50

8.50

7.75

7.75

7.25

7.25

1111 Days

9.00

9.00

8.25

8.25

8.25

8.25

5 years to less than 8 years

8.75

8.75

8.50

8.50

7.00

7.00

8 years to 10 Years  and above

8.75

8.75

8.75

8.75

7.00

7.00



555 days and 1111 days Term Deposits   will be converted into months and days and the maturity value will depend upon the Months and days of the Term Deposit remains with the Bank. Conversion of 555 days and 1111 days into months and days is automatically available for Online TDRs and  customers may contact branches for knowing conversion  of 555 days and 1111 days for deposits to be given in any particular month. Conversion of days of Term Deposits  into  month and days  may differ month to month depending upon the actual number of days the deposit remains in the bank .
Following are the conversion factors in Month & Days for the month September 2011for deposits under "Specific Number of Days Maturity”:-
1.    555 days:      18 months & 8 days
2.    1111 days:    36 months & 15 days

* Minimum Deposit Rs.1 lakh.       
Senior CitizensSenior Citizens other than staff A) 0.5% p.a interest more than the card rates on their deposits of six months & above  but less than 5 years , B) 0.70 % p.a for Term Deposits of 5 years and above but less than 8 years  and C)  0.80%  p.a for deposits of 8 years and upto 10 years  for  all term deposits of Rs.5000/- and above.  
 Senior Citizen Ex staff will get an additional interest of 1% p.a irrespective of the amount  of deposit  and period of deposits. Staff/Ex-staff senior citizens will get a further additional interest of 0.50% p.a on deposits of 6 months and above but less than 5 years , 0.70 % p.a for Term Deposits of 5 years and above but less than 8 years  and 0.80%  p.a for deposits of 8 years and upto 10 years  i.e 1% p.a. for staff + 0.50% p.a or 0.70% p.a  or 0.80% p.a  as applicable to  senior citizens. It is clarified that for additional rate to Sr. Citizens the minimum period of deposit should be 6 months even for staff and ex staff. 
Treasury will also quote separate rate of interest for deposit of Rs.10 Cr & above to branchesOn rates quoted by the Treasury , no additional interest either for senior citizen or staff will be available. Auto renewal parameters for all Bulk Deposits should not be marked but DISABLED so that there may not be any case of discrimination in rate of interest paid to customers.

            Please also note that interest rates as above will also be applicable to deposits under Star Sunidhi Deposit Scheme. Please refer Branch Circular No. 100/90 dated 01-09-2006 for all other terms and conditions.
Effective Annualized Rate of Return (Indicative only) 
In keeping with Reserve Bank of India guidelines to provide information on effective annualized rate of return on deposits of various maturities, we give below the effective annualized rates of return on Bank’s cumulative deposit schemes, under the Re-investment Plan, on quarterly compounding basis:   (% p.a.)



Maturity

For deposits less thanRs.15 lakh

For deposits Rs.15 lakh & above but less than Rs.1 Cr.

Rate of Interest
(%)  p.a.

Annualized Rate of Return at minimum of the maturity bucket   %

Rate of Interest
(%)  p.a.

Annualized Rate of Return at minimum of the maturity bucket   %

180 days to 269 days

8.00

8.08

8.00

8.08

270 days to 364 days

8.00

8.16

8.00

8.16

1 Year to less than 2 Yrs except 555 days

9.00

9.31

9.00

9.31

555 days

9.25

9.80

9.25

9.80

2 Years to less than 3 Years

9.00

9.74

8.00

8.58

3 Years to less than  5 years except for 1111 days

8.50

9.56

7.75

8.63

1111 Days

9.00

10.22

8.25

9.27

5 years to less than 8 years

8.75

10.83

8.50

10.45

8 years to 10 Years  and above

8.75

12.48

8.75

12.48



PREMATURE WITHDRAWAL: For premature payment, there will be penalty of 0.50% p.a.  on all  the Term Deposits  of Rs1 Cr and above  which will  be accepted/renewed from 27th June,2011 however, there will be no premature penalty for Term Deposits below Rs 1 Cr.

For premature withdrawal the following rules for payment of interest will be applicable: 
"The applicable rate of interest on the date of acceptance of Deposit for the actual period for which the Deposits has remained with the Bank OR contracted rate of interest whichever is LOWER” No interest will be paid for premature withdrawal  below 7 days in case of Term Deposits and below 3 months in case of Recurring deposits. However, for deposits of Rs 1 Cr and above 0.50% p.a penalty will be applicable from 27.6.2011 for deposits received/ renewed  on or after 27.6.2011
In respect of specific 555 and 1111 days deposits, premature payment facility, on deposits of Rs1.00 Cr and above is not available except for individuals and HUF.
NO SPLITTING OF DEPOSITS: Request from customers to split deposits in several receipts on the same day to avail benefit of higher interest should not be entertained.  In other words, different Term Deposit Receipts issued on the same day in the same name/s maturing in same bucket should be clubbed together for determining the eligible rate of interest. 

Link to  Bank of India website http://www.bankofindia.com/Homepage.aspx

© 2010 Bank of India. All rights reserved






Source: http://www.bankofindia.com/rupeetermdeposit.aspx
Category: India | Added by: Lexu (19.09.2011) W
Views: 3441 | Tags: SUPPORT, loan, credits, payment, services, Trust, investment, money, Products | Rating: 0.0/0
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