Interest Rate

 

A.DOMESTIC

Click here to View  For deposit  Rs.2 Crs and above

Interest rate applicable for deposit below Rs.2 Crs with effect from 21.10.2019


Card Rates (% Per Annum)

Maturity Period

Regular

Senior Citizen
(Not applicable for RD and NRO)

7-14 Days

4.50

4.50

15-30 Days

4.50

4.50

31-45 Days

5.50

5.50

46-90 Days

6.00

6.00

91-120 Days

6.50

7.00

121-150 Days

6.75

7.25

151-180 Days 7.00 7.50
181 - 364 Days 7.35 7.85
365 Days to 449 Days 7.50 8.10
450 Days 7.80 8.40
451 Days to 989 Days 7.50 8.10
990 Days 7.60 8.20
991 Days to less than 5 Years 7.50 8.10
5 Years to 10 Years 7.25 7.85
 

* Senior citizen interest rate benefits is not applicable for NRO and NRE deposits.

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Deposit Regular Senior Citizen
Lakshmi Tax Saver Deposits - w.e.f 05.09.2019 7.25% 7.85%
 
B.Non-Resident accounts
a.NRO(All maturities) Same as Domestic (*Senior Citizen interest rate benefits are not applicable for NRO deposits.)
b.NRE(All Maturities) with effect from 21.10.2019
365 Days to 449 Days 7.50%
450 Days 7.80%
451 Days to 989 Days 7.50%
990 Days 7.60%
991 Days to less than 5 Years 7.50%
5 Years to 10 years 7.25%

 

C. FCNR(B)-- RATE OF INTEREST with effect from 01.11.2019
C.FCNR(B) 1year to < 2 years 2years to <3 years 3years to < 4years 4years to <5years For 5 years(Maximum)
USD 2.72 2.62 2.65 2.66 2.65
GBP 1.49 1.52 1.61 1.61 1.61
EUR 0.40 0.39 0.52 0.55 0.60
AUD 1.64 1.60 1.72 1.85 1.89
CAD 2.84 2.59 2.67 2.66 2.65
CHF 0.08 0.09 0.24 0.29 0.32
JPY 0.68 0.66 0.76 0.74 0.75
SGD 2.21 2.20 2.31 2.33 2.37

 

D. RFC-- RATE OF INTEREST with effect from 01.11.2019
D.RFC 1 month to < 6 months 6 months to <1 year 1 year RFC SB
1. USD 1.78 1.92 1.98 0.05
2. GBP 0.71 0.88 0.98 0.05
3. EUR 0.00 0.00 0.00 0.00
 

External Bench Mark Rate Based Interest Rates with effect from 05.10.2019 (Repo Rate (5.15%) + Operating Expenses (2.70%) =7.85%)  

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Bank’s MCLR effective from 01.11.2019 is as follows for different maturities:

Sr.No. MCLR Rate of Interest (%) P.A
1. Overnight MCLR 10.10
2. One Month MCLR 10.15
3. Three Month MCLR 10.20
4. Six Month MCLR 10.30
5. One Year MCLR 10.40
 

Facility/product-wise Spread under the MCLR System Sector: Industry, Trade & Services

Sr.No. Loan facility/product Interest Rate
1.

WC credit facilities & Term Loan credit facilities - Other than Micro and Small Enterprises

One year MCLR + Business Strategy spread +Credit Risk Premia. (Depending upon the Credit Rating of the Borrower)

WC credit facilities & Term Loan credit facilities - For Micro and Small Enterprises RBI Repo Rate + Operating Expenses + Business Strategy Spread + Credit Risk Premia (Depending upon the Credit Rating of the Borrower
2. Advances under Lakshmi Business Credit (LBC) scheme - Other than Micro and Small Enterprises (a)For loans up to Rs.100.00 lacs:

One year MCLR + 1.45% (PER:11.85% p.a.)

(b)For loans above Rs.100.00 lacs:

One year MCLR+1.20% (PER:11.60% p.a)
Advances under Lakshmi Business Credit (LBC) scheme - For Micro and Small Enterprises (a)For loans up to Rs.100.00 lacs:

Repo Rate + Operating Expenses + 3.20% (PER: 11.05% p.a)

(b)For loans above Rs.100.00 lacs:

Repo Rate + Operating Expenses +2.95% (PER: 10.80% p.a)
3. Lakshmi Business Term Loan - Other than Micro and Small Enterprises (a)For loans up to Rs.100.00 lacs:

One year MCLR + 1.70% (PER:12.10% p.a.)

(b)For loans above Rs.100.00 lacs:

One year MCLR+1.45% (PER:11.85% p.a)
Lakshmi Business Term Loan - For Micro and Small Enterprises (a)For loans up to Rs.100.00 lacs:

Repo Rate + Operating Expenses +3.45% (PER: 11.30% p.a)

(b)For loans above Rs.100.00 lacs:

Repo Rate + Operating Expenses +3.20% (PER: 11.05% p.a)
4. Advances to Medium Enterprises (Manufacturing & Services)

I. Exposure less than or equal to Rs.5Crores:

(i) Working Capital:
One-year MCLR+1.60% (PER:12.00% p.a.)

(Ii) Term Loan:
One-year MCLR+1.20% (PER:11.60% p.a.)

II. Exposure more than Rs.5Crores:

(i) Working Capital:
One-year MCLR+1.85% (PER:12.25% p.a.)

(Ii) Term Loan:
One-year MCLR+1.30% (PER:11.70% p.a.)

Advances to Micro Enterprises (Manufacturing & Services)

I. Exposure less than or equal to Rs.5Crores: (WC & TL)
Refer to Table No.1 (https://www.lvbank.com/UserFiles/EBM_05OCT19.pdf)

II. Exposure more than Rs.5Crores:
Refer to Table No.2 (https://www.lvbank.com/UserFiles/EBM_05OCT19.pdf)

Advances to Small Enterprises (Manufacturing & Services)

I. Exposure less than or equal to Rs.5Crores: (WC & TL)

(i) Working Capital:
Refer to Table No.3 (https://www.lvbank.com/UserFiles/EBM_05OCT19.pdf)

(Ii) Term Loan:
Refer to Table No.4 (https://www.lvbank.com/UserFiles/EBM_05OCT19.pdf)

II. Exposure more than Rs.5Crores:

(i) Working Capital:
Refer to Table No.5 (https://www.lvbank.com/UserFiles/EBM_05OCT19.pdf)

(ii) Term Loan:
Refer to Table No.6 (https://www.lvbank.com/UserFiles/EBM_05OCT19.pdf)

5. Lakshmi Loan Against Properties (LLAP) One year MCLR+1.75% (PER: 12.15% p.a.)
 

Sector: Bill Advances

Sr.No. Loan facility/product Interest Rate
1.

Bills Purchased Documentary (BPD), Bills Purchased (Supply Bills) & (Drawee Bills) & UBD (Clean) - Other than Micro and Small Enterprises

Bills Purchased Documentary (BPD), Bills Purchased (Supply Bills) & (Drawee Bills) & UBD (Clean) - For Micro and Small Enterprises

MCLR + Business Strategy Spread + Credit Risk Premia. (Depending upon the Credit Rating of the Borrower & usance period)

RBI Repo Rate + Operating Expenses + Business Strategy Spread + Credit Risk Premia. (Depending upon the Credit Rating of the Borrower & usance Period)

2.

Sight Bills Purchased under LCs – BP (Ag. LC) - Other than Micro and Small Enterprises

Sight Bills Purchased under LCs – BP (Ag. LC) - For Micro and Small Enterprises

At one month MCLR (PER: 10.15% p.a)

Repo Rate + Operating Expenses +1.50% (PER: 9.35% p.a.)

3.

Usance Bills Discounted under LCs - UBD (Ag.LC) - Other than Micro and Small Enterprises

Up to 90 days - 3 months MCLR + 0.05 (PER:10.25% p.a.)

91 days to 180 days - 3 months MCLR + 0.25 (PER:10.45% p.a)

Usance Bills Discounted under LCs - UBD (Ag.LC) - For Micro and Small Enterprises Up to 90 days - Repo Rate + Operating Expenses +1.60% (PER: 9.45% p.a.)

91 days to 180 days - Repo Rate + Operating Expenses +1.80% (PER: 9.65% p.a.)
4. Bills Purchased (Clean) – BPC: Interest to be charged on returned cheques - Other than Micro and Small Enterprises One month MCLR+5.10% (15.25% p.a.)
Bills Purchased (Clean) – BPC: Interest to be charged on returned cheques - For Micro and Small Enterprises Repo Rate + Operating Expenses +6.60% (PER: 14.45% p.a.)
 

Sector: Agriculture

Sr.No. Category of Agricultural Advances Interest Rate
1 Lakshmi Kissan Credit Card (LKCC)
(Includes Crop Loan & Term Loan Components) Agricultural Cash Credit (ACC), Agri. Crop Loans (ACL) (Short- term & long-term crop loans) Agri. Term Loans (ATL) (Medium & long term loans repayable in monthly/quarterly/ half –yearly/annual installments)
Up to Rs. 2.00 lac One year MCLR+0.60% (11.00% p.a.)
Above Rs. 2.00 lac to Rs. 50.00 lacs One year MCLR+1.10% (11.50% p.a.)
Above Rs. 50 lacs One year MCLR+1.60% (12.00% p.a.)
2 Direct Goods Loans/WHRs Loans (To Farmers & Firms/Corporates engaged in Agri. & Allied Activities & Lakshmi Commodity Power (LCP ) Scheme - Other than Micro and Small Enterprises At one year MCLR+0.35% (PER: 10.75% p.a.)

For Agri - At one year MCLR+0.35% (PER: 10.75% p.a.)

For Non - Agri - At one year MCLR+1.35% (PER: 11.75% p.a.)
3 Jewel Deposit Loan (JDL) Scheme & Lakshmi Gold Power (LGP ) Scheme
JDL (Agri.) Maximum of 25 no. of loans per borrower) & LGP (Agri.)- (Maximum Rs. 20 lacs per borrower)

JDL (Agri.): (for all slabs)

RBI’s Policy Repo Rate (5.15%

at present) + Operating

Expenses (2.70%) + Spread

(2.00%) = 9.85% p.a.

LGP (Agri.):

RBI’s Policy Repo Rate (5.15%

at present) + Operating

Expenses (2.70%) + Spread

(2.00%) = 9.85% p.a

4 Loans for construction of storage facilities (Warehouses, market yards, godowns, cold storage to store agriculture produce/ products irrespective of their location) (Agri.) Up to an aggregate sanctioned limit of Rs. 100 crores per borrower One year MCLR + 1.30% (PER: 11.70% p.a.)
5 Loans to Micro Finance Institutions (MFIs)
(For on-lending to Farmers/SHGs/JLGs/ engaged in Agriculture & Allied activities) - Other than Micro and Small Enterprises
Irrespective of the loan amount One year MCLR+ 1.30% (PER: 11.70% p.a.)
6 Loans to SHGs/ JLGs (Directly engaged in Agriculture and Allied Activities) Irrespective of the loan amount One year MCLR+1.10% (PER: 11.50% p.a.)
 

Sector: Export Credit

Sr.No. Loan facility/product Interest Rate
1. Pre-shipment Credit (Maximum up to 360 days) - Other than to Micro and Small Enterprises Regular: At one year MCLR+0.10 (PER: 10.50% p.a.)
Overdue within 360 days:
Where sanction period is not extended beyond the original period of sanction & exports take place after the expiry of the sanction period, but within a period of 360 days from the date of advance:

(i) Up to sanctioned period: At one year MCLR+0.10% (PER: 10.50% p.a.)

((ii) For the Balance period beyond sanctioned period:

One year MCLR+5.10% (15.50% p.a.)

Beyond 360 days (Either Regular or Overdue): Interest rate as prescribed for ECNOS from the date of release of PCL: One year MCLR+ 5.10% (15.50% p.a.)
Pre-shipment Credit (Maximum up to 360 days) - For Micro and Small Enterprises

Regular: Repo Rate + Operating Expenses +1.85% (PER: 9.70% p.a.)

Overdue within 360 days:
Where sanction period is not extended beyond the original period of sanction & exports take place after the expiry of the sanction period, but within a period of 360 days from the date of advance:

(i) Up to sanctioned period: Repo Rate + Operating Expenses +1.85% (PER: 9.70% p.a.)

(ii) For the Balance period beyond sanctioned period:

Repo Rate + Operating Expenses +6.85% (PER: 14.70% p.a.)

Beyond 360 days (Either Regular or Overdue): Interest rate as prescribed for ECNOS from the date of release of PCL: Repo Rate + Operating Expenses +6.85% (PER: 14.70% p.a.)

2. Post- shipment Credit - Other than to Micro and Small Enterprises  Regular- Up to the maximum period prescribed by FED (Presently, the maximum period is 9 months) for realization of export proceeds: At one year MCLR+0.10% (PER: 10.50% p.a.)
Overdue:
((i) From the date of release up to 180 days- At one year MCLR+0.10% (PER: 10.50% p.a.)
(ii) For the period exceeding 180 days- Interest Rate as prescribed for ECNOS. One year MCLR+ 5.10% (PER: 15.50% p.a.)
Post- shipment Credit - For Micro and Small Enterprises  Regular- Up to the maximum period prescribed by FED (Presently, the maximum period is 9 months) for realization of export proceeds: Repo Rate + Operating Expenses +1.85% (PER: 9.70% p.a.)
Overdue:
((i) From the date of release up to 180 days- Repo Rate + Operating Expenses +1.85% (PER: 9.70% p.a.)
(ii) For the period exceeding 180 days- Interest Rate as prescribed for ECNOS. Repo Rate + Operating Expenses +6.85% (PER: 14.70% p.a.)
3. Export Credit against incentive receivables, etc. - Other than to Micro and Small Enterprises  One year MCLR+2.85% (PER: 13.25% p.a.)
Export Credit against incentive receivables, etc. - For Micro and Small Enterprises  Repo Rate + Operating Expenses +4.60% (PER: 12.45% p.a.)
4. Deferred Credit - Other than to Micro and Small Enterprises One year MCLR + 5.10% (15.50% p.a.)
Deferred Credit - For Micro and Small Enterprises Repo Rate + Operating Expenses +6.85% (PER: 14.70% p.a.)
5. Export credit not otherwise specified (ECNOS) - Other than to Micro and Small Enterprises Overdue Pre-shipment Credit & PCLs beyond 360 days: One year MCLR+ 5.10%(PER:15.50%p.a.)
Overdue Post-shipment Credit & Export Bills beyond 180 days: One year MCLR+ 5.10% (PER: 15.50% p.a.)
Export credit not otherwise specified (ECNOS) - For Micro and Small Enterprises Overdue Pre-shipment Credit & PCLs beyond 360 days: Repo Rate + Operating Expenses +6.85% (PER: 14.70% p.a.)
Overdue Post-shipment Credit & Export Bills beyond 180 days: Repo Rate + Operating Expenses +6.85% (PER: 14.70% p.a.)
 

Sector: Personal segment loans

Sr.No. Loan facility/product Interest Rate
1. Lakshmi Home Loans Repo Rate + Operating Expenses + 1.85% (PER: 9.70% p.a.)
2. LHL-OD Repo Rate + Operating Expenses + 2.10% (PER: 9.95% p.a.)
3. LHL-Top Up Repo Rate + Operating Expenses + 2.10% (PER: 9.95% p.a.)
4. Lakshmi Personal Vehicle Loans Loans for purchase of New Cars/Vans/Jeeps: Repo Rate + Operating Expenses + 2.10% (PER: 9.95% p.a.)
Loans for purchase of used Cars/Vans/Jeeps: Repo Rate + Operating Expenses + 4.85% (PER: 12.70% p.a.)
Loans for purchase of new Two-wheelers: Repo Rate + Operating Expenses + 4.85% (PER: 12.70% p.a.)
5. Lakshmi Loan Against Properties (LLAP) - for individuals Repo Rate + Operating Expenses + 3.50% (PER: 11.35% p.a.)
6. Advances to individuals against corporate debt instruments and units of approved mutual funds Repo Rate + Operating Expenses + 6.85% (PER: 14.70% p.a.)
7. Lakshmi Easy Loan (OD/DL against govt. securities) Repo Rate + Operating Expenses + 3.25% (PER: 11.10% p.a.)
8. Advances to individuals against shares & debentures & Lakshmi Loan Against Shares (LLAS) Repo Rate + Operating Expenses + 3.35% (PER: 11.20% p.a.)
9. IPO finance to individuals Repo Rate + Operating Expenses + 4.85% (PER: 12.70% p.a.)
10. Vidya Lakshmi Loans – Boy Students

For loan covered under CGS Scheme: (Upto Rs.7.50 Lacs)

Repo Rate + Operating Expenses + 4.85% (PER: 12.70% p.a.)

Repo Rate + Operating Expenses + 3.75% (PER: 11.60% p.a.)
11. Vidya Lakshmi Loans – Girl Students

For loan covered under CGS Scheme: (Upto Rs.7.50 Lacs)
Repo Rate + Operating Expenses + 4.60% (PER: 12.45% p.a.)

Repo Rate + Operating Expenses + 3.75% (PER: 11.60% p.a.)
12. Jewel Deposit Loan (JDL) - (Non-Agri.) & Lakshmi Gold Power (LGP) Scheme (Non-Agri.) - For Individuals JDL (Non Agri.) - Maximum 50 Loans - & LGP (Non Agri) (Maximum per borrower Rs.30Lacs)
Repo Rate + Operating Expenses + 2.10% (PER: 9.95% p.a.)
13. Lakshmi Rental Loan (LRL) - Individuals (i) If the tenants are Corporates, MNCs, Banks, Insurance Companies, PSUs, Brand Retail: Repo Rate + Operating Expenses + 2.85% (PER: 10.70% p.a.)
(ii) If the tenants are Brand Franchises of MNCs/Top Corporates: Repo Rate + Operating Expenses + 3.35% (PER: 11.20% p.a.)
(iii) If the tenants are partnership firms/ proprietorship/ individuals: Repo Rate + Operating Expenses + 3.85% (PER: 11.70% p.a.)
 

Sector: Others

Sr.No. Loan facility/product Interest Rate
1. Loans/overdrafts against our Bank’s deposits (Domestic Rupee deposits & NRE deposits) to depositors against own deposits Up to 90% of Deposit Amount: 1.00% over Deposit Interest Rate.
2. Loans/overdrafts against our Bank’s deposits (Domestic Rupee deposits & NRE deposits) to borrowers other than depositors against third-party deposits 2% over the interest rate paid on the relative deposit, or at MCLR whichever is higher.
3. Drawals against un-cleared effects - Other than to Micro and Small Enterprises (i) In Current Account: 1 month MCLR+ 5.10% (PER: 15.25% p.a.)
(ii) In CC/OD Account: Applicable Rate +2%.
Drawals against un-cleared effects - For Micro and Small Enterprises (i) In Current Account: Repo Rate + Operating Expenses +6.60% (PER: 14.45% p.a.)
(ii) In CC/OD Account: Applicable Rate +2%.
4. Purchase of local clearing instruments - Other than to Micro and Small Enterprises Overnight MCLR+5.10% (PER: 15.20% p.a)
Purchase of local clearing instruments - For Micro and Small Enterprises Repo Rate + Operating Expenses +6.60% (PER: 14.45% p.a.)
5. Loan facilities under Govt. sponsored schemes, SGSY, PMEGP and SJSRY One year MCLR+2.10% (PER: 12.50% p.a.)
Loan facilities under Govt. sponsored schemes, NRLM (SGSY), PMEGP and NULM (SJSRY) – Which qualify for classification under Micro and Small Enterprises sector Repo Rate + Operating Expenses + 3.85% (PER: 11.70% p.a.)
6. Loans under Stand-Up India Scheme The above prescribed exclusive interest rates for the loans to MSME will be applicable to Stand-Up India loans.
Loans under Stand-Up India Scheme – Which qualify for classification under Micro and Small Enterprises The above prescribed exclusive interest rates for the loans to MSE will be applicable to Stand-Up India loans.
7. MUDRA Loans under PMMY Scheme – Which qualify for classification under Micro and Small Enterprises Repo Rate + Operating Expenses + 1.75%
8. Lakshmi Rental Loan - Other than for individuals (i) If the tenants are Corporates, MNCs, Banks, Insurance Companies, PSUs, Brand Retail: One year MCLR +1.10% (PER: 11.50% p.a.)

(ii) If the tenants are Brand Franchises of MNCs/Top Corporates: One year MCLR+ 1.60% (PER: 12.00% p.a.)

(iii) If the tenants are partnership firms/ proprietorship/ individuals: One year MCLR+2.10% (PER: 12.50% p.a.)
9. Lakshmi Commercial Vehicle Loan - Other than for Individuals and MSE Units (a) For Route Buses: One year MCLR+ 0.60% (PER: 11.00% p.a.)

(b) For all other Commercial Vehicles & Construction Equipment: One year MCLR+ 1.10% (PER: 11.50% p.a.)

(c) LCVL in tie-up arrangements with manufacturers/Dealers:
One year MCLR+1.10% (PER: 11.50% p.a.)
Lakshmi Commercial Vehicle Loan - Which qualify for classification under Micro and Small Enterprises sector or given to individuals

(a) For Route Buses: Repo Rate + Operating Expenses + 2.35% (PER: 10.20% p.a.)

(b) For all other Commercial Vehicles & Construction Equipment: Repo Rate + Operating Expenses + 2.85% (PER: 10.70% p.a.)

(c) LCVL in tie-up arrangements with manufacturers/Dealers:
Repo Rate + Operating Expenses + 2.85% (PER: 10.70% p.a.)

10. Lakshmi Small Business Loan - Other than to Micro and small Enterprises One One year MCLR+3.35% (PER: 13.75% p.a.)
Lakshmi Small Business Loan - Which qualify for classification under Micro and Small Enterprises Repo Rate + Operating Expenses + 5.10% (PER: 12.95% p.a.)
11. Term Loan to Real Estate Developers One year MCLR+5.10% (PER: 15.50% p.a.)
12. Swarna Lakshmi Credit for Jewelers One year MCLR+3.10% (PER: 13.50% p.a.)
Swarna Lakshmi Credit for Jewelers  - Which qualify for classification under Micro and Small Enterprises Repo Rate + Operating Expenses + 4.85% (PER: 12.70% p.a.)
13. Advances to Food and Agro-Based Processing Units (Advances to Rice Mills, Sago units,
Oil Mills, Dall Mills, Flour Mills, Meat & Fish processing units, Fruits & Vegetables processing units, Dairy products units, Grain Mill products units, Starch & Starch units, Animal feed units, etc.)
– Other than to Micro and Small Enterprises
Working Capital/Term Loan: One year MCLR+0.10% (PER: 10.50% p.a.)
Advances to Food and Agro-Based Processing Units (Advances to Rice Mills, Sago units,
Oil Mills, Dall Mills, Flour Mills, Meat & Fish processing units, Fruits & Vegetables processing units,
Dairy products units, Grain Mill products units, Starch & Starch units, Animal feed units and etc.)
– Which qualify for classification under Micro and Small Enterprises
Working Capital/Term Loans:
Repo Rate + Operating Expenses + 1.85% (PER: 9.70% p.a.)
14. Chit Term Loan (Short Term Loan for creation of Chit Deposit) 3 months MCLR + 5.10% (PER: 15.30% p.a)
15. TOD in Current Accounts / LC Devolved/LG Invoked – Other than to Micro and Small Enterprises Units One month MCLR (10.15%)+ Maximum Business Strategy Spread(1.85%) + Credit Risk Premia (5.00%) +2% (PER: 19.00% p.a.)
TOD in Current Accounts / LC Devolved/LG Invoked – in the case of Micro and Small Enterprises Repo Rate + Operating Expenses + 10.35% (PER: 18.20% p.a.)
16. Direct Goods Loans/WHRs Loans [To all types of commodities & Lakshmi Commodity Power (LCP) Scheme] – For Micro and Small Enterprises For Goods loan:
Repo Rate + Operating Expenses + 2.10% (PER: 9.95% p.a.)

Lakshmi Commodity Power (LCP):
For Non-Agri. Product Code- 734:

Repo Rate + Operating Expenses +3.10% (PER: 10.95% p.a.)
17. Loans to Micro Finance Institutions (MFIs) For on-lending to Micro and Small Enterprises -
(Irrespective of the loan amount)
Repo Rate + Operating Expenses +3.05%
(PER: 10.90% p.a.)
 

LAKSHMI VILAS BANK ,Corporate Office , Chennai
Rate at a quick glance
Deposit Accounts

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REVISION OF MINIMUM BALANCE REQUIREMENT FOR SAVINGS OTHERS (PRODUCT CODE - 301) EFFECTIVE OCTOBER 01, 2019

Please find below revised Product wise AQB to be maintained:

Product Name Product Code Branch Category Present Revised
SB Others 301
METRO 5000 1000
URBAN 5000 1000
SEMI URBAN 3000 500
RURAL 1000 500
 

Terms & Conditions:

  • For New to Bank (NTB) accounts, opened on or after 01-Oct-2019, the proposed changes in minimum balance requirement and non-maintenance charges therein, will be applicable effective October 1, 2019
  • For Existing (ETB) accounts, opened up to 30-Sep-2019, the proposed changes will be applicable with effect from October 1, 2019.
  • Non-maintenance charges calculated at the end of the quarter will be levied as per the existing matrix, given below:
Branch Category Required AQB Shortfall SLAB % Of Charges on the Actual Shortfall
URBAN & METRO Rs 1000 UP TO Rs.500 10%
ABOVE Rs.500 15%
SEMI URBAN Rs 500 UP TO Rs.250 10%
ABOVE Rs.250 15%
RURAL Rs 500 UP TO Rs.250 10%
ABOVE Rs.250 15%
 

IMPLEMENTATION OF CENSUS 2011 - REVISED POPULATION CATEGORY OF BRANCHES / OFFICES EFFECTIVE APRIL 01, 2017

Change in the minimum balance requirement in SB accounts due to revision in population categorization (POP) of branches on account of implementation of Census 2011

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MODIFICATION IN MINIMUM BALANCE OF SAVINGS ACCOUNTS & REVISION OF MINIMUM BALANCE CALCULATION METHODOLOGY,EFFECTIVE JANUARY 01, 2017

Revised Product wise AQB to be maintained:

Savings Account Product Product Code

AQB

    Metro Urban Semi Urban Rural
SB Others 301 1000 1000 500 500
Senior Citizen Savings Account 320 3000 3000 2000 500
NRE Savings Account 311 5000 5000 5000 5000
NRO Savings Account 312 5000 5000 5000 5000
 

Revision of minimum balance calculation methodology for SB accounts

The stipulated minimum balance is to be maintained during the calender quarter, instead of monthly.i.e. henceforth Average Quartely Mimimum Balance (AQB) would be considered instead of Average Monthly Minimum Balance (AMMB)

Terms & Conditions:

  • The above changes are applicable only to the above mentioned Savings Bank Products
  • Effective January 01, 2017 ,Non- maintenance charges, as applicable, based on actual shortfall, will be levied, as per the revised slab.
  • Kindly contact your nearest branch for more details.

Revision of Domestic Savings Bank, NRE and NRO Interest Rate Calculation effective 01.07.2018

Savings Interest Rate will be calculated and paid out on Incremental balances in the respective slabs given below, and not on the entire balance

Account Normal Senior Citizen Rural Semi Urban Urban Metro
1.Savings Bank A/c
A. Domestic Rate of Interest Minimum Balance to be maintained
Upto Rs.1 Lakh 4% 4% 500 500 1000 1000
Above Rs.1 Lakh and Upto 5 Lakhs 5.25% 5.25% 500 500 1000 1000
Above Rs.5 Lakhs and less than Rs 10 Crores 6.25% 6.25% 500 500 1000 1000
Balance Rs. 10 Crores and above 6.50% 6.50% 500 500 1000 1000
 

Illustration :

If the balance in the savings account is 10.50 Crores, then the Savings Account Interest will be calculated as follows:

Savings Interest Calculation Rates Applied as per the below Slab
Up to Rs 1 Lakh: 4.00% up to Rs 1 lakh 4.00%
Rs 1 lakh - Rs 5 lakhs: 5.25% Above Rs 1 lakh and up to Rs 5 Lakhs 5.25%
Rs 5 lakhs - Rs 10 Crore: 6.25% Above Rs 5 lakhs and less than Rs 10 Crores 6.25%
Remaining Rs 50 lakhs: 6.50% Rs 10 Crores and above 6.50%

 

B.Nonresident Normal & Senior Citizen Minimum Balance
a. NRO - Balance Upto Rs.1 lakh 4% 5000
NRO - Balance Above
Rs.1LakhUpto Rs.5 lakhs
5.25% 5000
NRO - Balance above Rs.5 lakhs and Upto Rs.10 Crores 6.25% 5000
NRO - Balance Rs. 10 Crores and above 6.50% 5000
b. NRE - Balance Upto Rs.1 lakh 4% 5000
NRE - Balance Above
Rs.1LakhUpto Rs.5 lakhs
5.25% 5000
NRE - Balance above Rs.5 lakhs and Upto Rs.10 Crores 6.25% 5000
NRE - Balance Rs. 10 Crores and above 6.50% 5000

 

Interest Rate range of contracted loans for the quarter ended 30.09.2019 - Click here to view

Annual Percentage Rate (APR) on Retail loans to Individual Borrowers - Click here to view

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