Term Deposits

• Interest is calculated at quarterly intervals on Term deposits and paid at the rate decided by the Bank depending upon the period of deposits
• Interest on deposits repayable for less than 3 months or where the terminal quarter is incomplete & Deposits where tenor spelt in days interest will be calculated proportionately for the actual number of days reckoning the year at 365 days.
• In case of monthly payment, the interest will be calculated for the quarter and paid monthly at discounted value.

Deposits maturing on Holiday/non-business working day:

• If a term deposit is maturing for payment on a Holiday/non-business working day, interest will be paid at the originally contracted rate on the original principal deposit amount for the Holiday/non-business working day, intervening between the date of the maturity of the specified term of the deposit and the date of payment of the proceeds of the deposit on the succeeding working day.
• In case of reinvestment of Term deposits and recurring deposits, interest will be paid at the originally contracted rate for the intervening Holiday/non-business working day on the maturity value.

Interest on FCNR (B) deposits:

• Bank reckons 360 days as number of days per year while calculating interest on FCNR (B) deposits.
• FCNR (B) deposits interest is calculated and paid at intervals of 180 days each and thereafter for the remaining actual number of days.
• In the case of FCNR (B) Deposits where the depositor wishes to get monthly / quarterly interest, the same should be paid at discounted value basis as per the existing norms
• The depositor also has the option to receive interest on maturity with compounding effect at the interval of 180 days.