Revised
Deposits Interest Rates - Effective date 01.09.2007
Period of
Deposit
Upto Rs. 15
Lacs
Rs. 15 Lacs to Rs. 1
Crore
Above Rs. 1 Crore
Senior Citizen upto Rs. 15
Lacs
7 to 45 Days
3.50 %
3.50 %
3.50 %
4.5 %
46 to 90 Days
5.00 %
5.00%
5.00%
6.00 %
91 to 180 Days
7.00%
7.00 %
7.00 %
8.00 %
181 to 365 Days
8.00 %
8.25 %
8.50 %
9.00 %
366 to 2 years
8.50 %
8.75 %
9.00%
9.50 %
395
days (13 months)
9.00 %
9.25%
9.50 %
10.00 %
2 to 3
years
8.75%
9.00 %
9.25%
9.75 %
3 year
above
9.25 %
9.50 %
9.75 %
10.25
%
Please visit our nearest Branch
for more information (Subject to
Changes) We offer instant credit for
outstation cheques up to Rs. 15,000/- to saving Account
holders.
Fixed Deposit
A Depositor can invest in
term deposit, to earn interest on that
amount at the prevailing rate on the
date of deposit. Payment of
interest can be monthly, quarterly or half
yearly basis as per requirements.
Under this deposit sceme depositor may
provide for meeting expenses of monthly,
quarterly, half yearly nature.
Amrutkumbha Lakshadish
Deposit
A depositor can invest in
small amounts on monthly basis to get a maturity
value if Rs. 1 Lakh. The amount of
monthly installment would depend on the
period within which the depositor desires to
have Rs. 1 Lakh. This deposit scheme
is useful for palnning of
children's higher education / marriage /
major anticipated expenses.
Kalpavruksha Nirantar
Deposit
A Depositor can invest a small amount on
monthly basis and get the amount with interest on
maturity or he can get in monthly installment in
proportion of his installment deposited earlier.
This is nothing but a pension scheme. It is useful
for the salary earners, retailers or businessmen
who is earning presently and who wants certain
monthly income in future.
Monthly Interest Payable Deposit Scheme
In
order tp provide for a regular source of monthly income
on attaining a certain age or on retirement. A Depositor
may invest a certain amount in Term Deposit Account and
avail a fixed monthly income by way of interest at
prevailing rate of interest on the date of deposit till
the maturity of that deposit account.This deposit scheme
is useful for planning for financial independence on
retirement from service /
business.
Cash
Certificate
A
depositor can invest small amount to get a larger
maturity amount on a fixed date in
future.
Reinvestment
Deposit
A
Depositor can maximise his interest income under this
scheme by getting advantage of compounding of interest.
The scheme is suitable when the amount invested and
interest thereon is not required upto the date od
maturity.
Recurring Deposit
A
depositor who cannot save in lumsum may invest
small amounts on
monthly basis for future requirement for specific period
and get a targeted amount on maturity
date.
Non-Resident External (Rupee)
Account
We also accept the deposits
from Non Resident Indians in rupee, in savings and term
account.
Utility Deposit
Schemes
A Depositor can invest by way
of fixed deposit or reinvestment deposit under this
scheme. The depositor is sanctioned and credit a limit
till the maturity date of deposit. The credit limit is
provided through a current account. As and when required
depositor can utilised and repaid. Thus short term
credit need is available at small interest cost. At the
same time interest is earned on the deposit amount.
Unit Deposit
Schemes
This deposit scheme is linked
with saving deposit. A depositor can invest certain
amount having value of Rs.1,000/- each unit.1st time
minimum amount is Rs. 10,000/- (10 units), the depositor
can use amount invested in units through saving deposit
account as and when required as per the rules set by
bank.
Current Account
You can open your Business
Profession account.
Additional Interest on
Deposits
Bank gives additional interest
on a) Bulk deposits, above Rs.15 Lakhs and above
Rs.100 Lakhs b) Deposits of senior citizens i.e.
person of age of 60 years and above
Note: For
interest rate details refer to interest rate chart.
Protection for Bank
Depositors
Bank Deposits upto Rs. 1,00,000/-
in respect of each depositors are fully protected by the
Deposit Insurance and Credit Guarantee
Corporation.
Rate of Interest Payable on ODFD
Account
Immediately after the date of
maturity the amount of the term deposit with interest
would be transfered to ODFD account.
A.
In case of payment of ODFD
account
If deposit account is
withdrawn, no interest will be paid (irrespective
of period of ODFD)
B.
Renewal of ODFD
account
1. If the ODFD deposit is
renewed within 30 days, the interest rate
applicable for the amount being renewed would be
the prevailing interest rate on the date of
maturity.
2. If ODFD is renewed after
30 days from the date of maturity, the interest
rate applicable to the overdue period would be
prevailing interest for saving deposit + 1
%.
3. If ODFD deposit is renewed
after 30 days, the rate of interest applicable for
the renewal amount would be appropriate rate of
interest applicable for the renewal period, on the
date of renewals.
C.
Period of Renewal
If ODFD deposit is to be
renewed as stated in 'B' above, the period for
renewal must be for atleast 45 days from the date
of renewal.
D.
Partly renewal of ODFD
account
The amount, which is renewed
for the further period, is eligible for the
payment of interest as stated in 'B', and the
portion which is not renewed will be paid without
interest as stated in 'A' above.
No - Frills Deposit
Accounts
Sr No
Type of Deposit
Account
Minimum Balance to be
maintained
Charges below minimum
balance
1
Savings Deposit
Account
0
0
2
Savings Deposit
Account
Rs:200/-
Rs:5/- Per Month
3
Current Deposit
Account
Rs:500/-
Rs:25/- Per
Month
Ratnakar Tax Saving Term Deposit
Scheme 2006
Name
Ratnakar Tax Saving Term Deposit Scheme
2006 (Fixed Deposit or Reinvestment
Deposit)
Eligibility
Individual a) Single b) Joint - i)
two or more
adults ii)
two adults or an adult and a
minor. an
individual in personal capacity or the Karta of
the
Hindu
undivided family (HUF)
Maximum Amount
Rs.100/- or in multiple of Rs.100/- up
to Rs.1.00 lakh.
Minimum / Maximum Tenure
Five years and above up to 10
years.
Interest Rate
8.25% General Public 9.00% For Senior
Citizen.
Benefit
i) Riskless investment. ii) Assured
income. a) Monthly
* b)
Quarterly c) Half
Yearly d) Yearly or
e) Accumulated till
the date of validity. (i.e.Reinvestment basis)
iii) Investment up to Rs.1.00
lakh per individual is eligible for deduction
under Section 80(c) of Income Tax Act 1961, per
year.
Features
i) In case of Joint Account, tax benefit
available to 1st named depositor only. ii) No
term deposit shall be encashed before expiry of 5
years commencing from the date of receipt. iii)
The deposit amount is transferable from original
branch of the Bank to other branch of the same
bank. However depositor is not allowed to transfer
from one Scheduled Commercial Bank to other
Scheduled Commercial Bank. iv) The term deposit
receipt shall bear the name, address (PAN)
Permanent Account Number and signature of the
depositor (assessee). v) Nomination facility is
available.
General terms and conditions
i) At the time of investment, the depositor
shall present the prescribed application form at
the branch of the Bank. ii) The term deposit
shall not be pledged to secure loan or as security
to acquire any other assets under loan. iii)
The term deposit receipt shall be issued on
receipt of deposit amount by the bank. iv) In
case of lost or destroyed term deposit receipt,
duplicate receipt will be issued as per rules of
the bank.
* Discounted basis
Effective Interest Rate of Interest
for years
Rate of Interest
5
6
7
8
9
10
8.25%
10.09%
10.54%
11.02%
11.52%
12.06%
12.63%
9.00%
11.21%
11.76%
12.35%
12.98%
13.64%
14.35%
Effective Earnings Considering tax
sop
General Public 16.08% Senior citizen
17.21%
Nomination
i) The depositor, single or joint, at the
time of making term deposit, may nominate any
person as nominee or at any time after the term
deposit receipt is issued but before the maturity
of the term deposit. ii) No nomination shall be
made in respect of a term deposit applied for and
or held by or on behalf of
minor. **
Rights of nominee
i) In the event of death of depositor, in
respect of which a nomination is in force, the
nominee shall be entitled at any time before or
after maturity of the term deposit to encash the
term deposit. For this purpose the nominee shall
make application to the Branch Manager of the
bank, along with supported documents of death of
depositor/depositors.
Accounting
Branch has to open new General Ledger A/c
i.e. Ratnakar Tax Saving Deposit Scheme 2006 under
our Group of Time Liabilities. a) At the time
of opening of Term Deposit A/c Credit - Ratnakar
Tax Saving Deposit Scheme 2006(Term Deposit A/c or
Reinvestment Deposit A/c) by debiting parities S/B
A/c or Current A/c
b) Payment / Provisions of Interest Debit -
P/L Interest paid on Deposit A/c Credit - Ratnakar
Tax Saving Deposit Scheme 2006 Account or Interest
payable on Ratnakar Tax Saving Deposit Scheme 2006
A/c Credit - T.D.S.A/c c) At the time of
repayment of term deposit at the time of maturity
of deposit accountDebit - Ratnakar Tax Saving
Deposit Scheme 2006 Account Interest Payable on
Deposit Account (respective Amount ) Credit -
Depositors Account (S/B or Current)
O.D.F.D.
The instructions to be followed as per Planning
Circular No.18/2005 of 06.09.2005
1) PAN - Compulsory 2) Interest on these
term deposits shall be liable to tax under the Income
Tax Act. Tax on such interest shall be deducted in
accordance with the provisions of Section 194 A or
Section 195 of the Act. 3) If the depositor has no
tax liability during the year he should submit Form
No.15G in April every year. 4) The deposits of our
Bank employees are eligible for 1% additional
interest. 5) ** If the depositor/depositors desires
to nominate more than one nominee, separate deposit
receipts can be made for total amount not exceeding
Rs.1.00 lakh having different nominees for each deposit
receipt.
