Accounts & Deposits

1. Savings Account

Accounts can be opened and maintained by an Individual, Proprietorship Firm, Joint Stock Company, Partnership Firm, Trust and Foundation. There is no restriction in operation of the Account.

2. Current Account

Accounts can be opened and maintained by an Individual, Proprietorship Firm, Joint Stock Company, Partnership Firm, Trust and Foundation. There is no restriction in operation of the Account.

3. Minor Scheme Account

Minor children are allowed to open Savings Account jointly with their parents/guardians which are to be operated by natural guardian or guardian appointed by Court. School going children from 14 years of age are allowed to operate upon the account so as to acquaint themselves with banking habit.

4. No Frills Savings Account

“No Frills” S/B Account may be opened with minimum initial deposit of Rs.10/- and the balance in the Account should not fall below Rs.5.00. Such accounts are allowed to be opened by Farmers, Agriculture Labourers, Daily Wage Earners, Factory Workers and Labourers, Manual Labourers and Helpers, Cart/Taxi/Bus/Vehicle Drivers and Conductors, NGOs and any Other Person belonging to Low Income Group.

5. Pradhan Mantri Jan-Dhan Yojana (PMJDY) Account

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.

Accounts opened under PMJDY are being opened with Zero balance. However, if the account-holder wishes to get cheque book, he/she will have to fulfill minimum balance criteria.

1. Accounts can be opened by Individuals either singly or jointly and for minor children, etc. Monthly installment is fixed for a certain period starting from 1 year to 10 years. Interest on deposits are compounded on the Terms deposit rates at quarterly intervals. Senior Citizens of 60 years of age and above are paid 0.50% p.a. higher rates than the normal Fixed Deposit Rate fixed by the Bank.

1. Fixed Deposit Scheme

Account can be opened by any Individual, Firm, Cooperative Society, Club, or any Institutional Body having legal status starting from 7 days term to above Three years term. Interest is paid at half yearly rest depending upon the rate and period of deposit. Senior Citizens of 60 years of age and above are paid 0.50% p.a. higher rate than the normal rate.

2. Monthly Income Deposit Scheme

Monthly interest is transferred from Fixed Deposits to Savings Bank Account. Senior Citizens of 60 years of age and above are paid 0.75% p.a. higher rates than the normal Rate fixed by the Bank.

 

Interest Rates on Term Deposits - with effect from 02.11.2022

Sl No

Period of Term Deposits

Rate of Interest Per annum Rate of Interest per annum for Senior Citizen
1 For 7 days up to 45 days 3.50% 4.00%
2 For 46 days  up to 180 days 4.75% 5.25%
3 For 181 days  up to 200 days 5.35% 5.85%
4 For 201 days to less than 1 year 5.65% 6.15%
5 1 year to less than 2 years 6.25% 6.75%
6 2 years to less than 3 years 6.40% 6.90%
7 3 years to less than 5 years 6.20% 6.70%
7 5 years up to 10 years 6.20% 7.00%

Please note that Interest on Savings Bank Deposits shall continue@ 3.25% p.a.