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Domestic Term Deposit Interest Rate

Domestic Savings Interest - w.e.f. 04/09/2017

 
Balance at End of the day Rate of Interest in % w.e.f. 04.09.2017
Upto 20 Lakhs 3.5%
Above 20 Lakhs 4.0%
 

Rate of interest on domestic term deposits, NRO accounts, capital gain accounts scheme 1988, recurring deposit scheme and psb fixed deposit tax-saver scheme

 
Revised w.e.f. 23/11/2018 (% p.a.)
Maturity

Fixed Deposit

Less than Rs.1 Cr

7 - 14 Days 4.00(#)
15 - 30 Days 4.00
31 - 45 Days 4.00
46 - 90 Days 5.50
91 - 120 Days 5.75
121-150 Days 6.00
151 - 179 Days 5.85
180 – 269 Days 6.25
270 – 364 Days 6.40
1 Year - 2 Years 7.00
Above 2 Year < 3 Years 6.60
3 Years – 5 Years 6.55
> 5 Year – 10 Years 6.55

(#) Minimum amount of term deposit shall be Rs. 1.00 lac

Note:

  • Senior Citizens shall be given benefit of additional interest of 0.50% on term deposits of less than Rs. 1 crore, over and above the mentioned rates for the maturity of 180 days & above for fresh as well as on renewal of term deposits. However as per RBI guidelines, the benefit of additional interest rate on deposits on account of being bank’s own staff or senior citizens shall not be available to NRE and NRO deposits.
  • Interest Rates on "PSB SUKHMANI DEPOSIT SCHEME" will be as under:
     
    Maturity Public Sr. Citizen Staff Members Ex-Staff Members / Ex-Staff Members (Sr. Citizen)
    550 Days 7.10% pa 7.60% pa 8.10% pa 8.60% pa
    All other terms and conditions as contained in P&D Circular No. 3464 dated 07.09.2018
  • Interest Rates on "PSB FIXED DEPOSIT TAX SAVER SCHEME" will be as under:
     
    Maturity Public Sr. Citizen Staff Members Ex-Staff Members / Ex-Staff Members (Sr. Citizen)
    5 Years 6.55% p.a. 7.05% p.a 7.55% p.a. 7.55% p.a.
    All other terms and conditions as contained in P&D Circular No. 2297 dated 03.02.2007
  • For issuing multiple FDRs for the same period having same maturity, please refer HO RMD circular No. 309 dated 03.11.2015.
  • For interest on overdue period of FDRs, please refer HO P&D circular No. 3164 dated 06.04.2015. However, in case of closure, the interest on overdue period will be paid at applicable Saving Bank rate of interest.
  • For payment of interest and penalty on pre-mature withdrawal of term deposits, please refer HO RMD circular No. 357 dated 01.09.2017.
  • In terms of HO P&D Circulatory Letter No. : 73 / 2016 -17 dated 03.11.2016, no additional interest rate benefit, over and above the public rate, is allowed to Staff/ Retired Staff/ Spouse of the deceased staff/ Senior Citizens with regard to Capital Gains Accounts Scheme 1988.
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