Bank Updates

Interest Rate for all New Term Deposit with effect from 20.05.2023

Maturity period	Interest rates (per cent per annum)
	General	Senior Citizen
07 days to 14 days	3	3
15 days to 45 days	3	3
46 days to 90 days	3	3
91 days to 180 days	4	4
181 days to 364 days	5	5
365 days to 730 days	7	7.50
731 days to 1095 days	7.50	8.00
1096 days to 1825 days	7.75	8.25
1826 days and above	8.01	8.51
1 Year to 2 Year	7	7.50
2 year 1 day to 3 year	7.50	8.00
3 year 1 day to 5 year	7.75	8.25
5 year 1 day and  above	8.01	8.51
Interest Rate for all other Deposit with effect from 22.05.2023
Saving Deposit/Basic Saving Deposit	3	3
Recurring Deposit	7	7.50
Daily Saving Deposit	2	2

Interest Rate for Loan and Advances with effect from 12.05.2023

Interest Rate for Term Loan:

Sr No	Type of loan	Description	Interest Rate
1	Loan Against Vehicle/Machinery Loan	Ø  New Vehicle	10%
		Ø  * Old Vehicle	15%
		Ø  Machinery Loan	10%
2	Loan Against Building	Ø  *	12%
3	Loan Against Building Construction	Ø  *	12%
4	Personal Loan	Ø  Upto 200000/-	12%
5	Consumer Durable Loan	Ø  *	11%
6	Loan Against Gold Loan	Ø  *Upto 200000/-	10%
7	Loan For Education purpose	Ø  *	10%

 

Interest Rate for Cash Credit/Overdraft:

Sr No	Type of loan	Description	Interest Rate
1	Loan Against Hypothecation	Ø  Upto 2499999/-	13%
		Ø  2500000/- to 5999999/-	12%
		Ø  6000000/- above	11%
2	Loan Against Building	Ø  Upto 2499999/-	12%
		Ø  2500000/- to 4999999/-	11%
		Ø  5000000/- to 7499999/-	10/-
		Ø  7500000/ to 7800000/-	8.75%
		Ø  7800000/- Above	9%
3	Loan Against Fixed Deposit	Ø  1% more than actual Fixed Deposit rate
4	Loan Against NSC/KVP	Ø  As per surrender Value*	12%
5	Loan Against Gold Loan	Ø  As per surrender Value*	10%
6	Loan Against LIC	Ø  As per surrender Value*	10%

Click here to Download the INDEMENITY BOND for the bank.

In accordance with the RBI (Reserve Bank Of India) guidelines on KYC (Know Your Customer) and Risk Categorization norms, Customers are required to complete the KYC formalities periodically.

Refresher of KYC is required for all OUR account holders.We are required to obtain identification documents from all our customers in case of every Individual, every Proprietor, each Joint Account Holder / Partner / Director / Trustee / HUF member, each other authorized signatory as under.

 

a) Proof of identity: (any one of the following)

• Passport
• PAN Card
• Voter’s Identity Card
• Driving License
• Identity card issued by the Employer (subject to Bank’s satisfaction)
• Letter from a recognized public authoruty or public servant verifying the identity and residence of the customer to the satisfaction of bank.
• Letter from a Gazetted officer verifying the identity and attesting photograph and address.

 

b) Proof of current address: (any one of the following)

• Telephone bill
• Electricity bill
• Letter from employer (subject to Bank’s satisfaction).
• Letter from any recognized public authority (subject to Bank’s satisfaction).

 

c) Recent Photograph (Passport size)

The above identification procedure is applicable to all existing and new customers. We, therefore, request all our customers to ensure that the above documents along with the copies of (a) and (b) are provided to the branch where the accounts are maintained, if the same had not been submitted at the time of opening their accounts or later. Documents (a) and (b) will be returned after verification, retaining the copies. To serve you better, it is important that the Bank has record of your current and correct addresses so that Bank communication could reach you. Please ensure your address on our record are current and correct. In respect of accounts other than those of individuals, respective constitutional documents viz, certified copies of Memorandum and Articles of Association, Certificate of commencement of business, Trust Deed, Resolution etc, as the case may be are required to be submitted.

• India had established the deposit insurance system way back in 1961.

 

• Safety about your valued deposit.

Yes, of course. They are quite safe. Thanks to strong regulation and supervision by Reserve Bank of India and system of internal control of banks, they are well capitalized, well managed and effectively regulated.

 

• Our bank never referring to the other banks!

Yes,  It applies to all the banks operating in India including private sector, co-operative and even branches of foreign banks in India.
But occasionally there is news about some bank or the other being closed down by RBI. But what about my deposit?

Your deposits up to a particular limit (presently l lakh per depositor) are insured and paid back to you in the event of failure of your bank. Your deposits to the above extent are insured, possibly even without your knowledge.

 

• DICGC insure your deposits

Your deposits are insured by Deposit Insurance and Credit Guarantee Corporation (DICGC), the second oldest deposit insurer of the world, quietly taking care of the interest of depositors, particularly small depositors. It is a wholly owned subsidiary of the RBI, created by an Act of Parliament.

 

• Premium of the Deposit

You do not have to pay any premium. However, the DICGC charges a nominal premium from the banks. This premium is not charged to you.

 

• About insurance claim.

In the case of  bank failure  , the liquidator would make a claim on your behalf and DICGC is bound to pay the valid insurance claims as soon as possible.

 

• About deposit insurance

You can find more details at DICGC website www.dicgc.org.in or email at dicgc@rbi.org.in or address your queries to

DICGC DEPOSIT INSURANCE AND CREDIT GUARANTEE
CORPORATION
( Wholly owned subsidiary of the Reserve Bank of India)

Deposit Insurance and Credit Guarantee Corporation, RBI (2nd Floor), Opp. to Mumbai Central Railway Station, Mumbai – 400008 Tel. No. (022) 2308-4121