The interest will be credited to your account on a quarterly basis as per RBI Master Direction on Interest on Deposits dated Mawith effect from 01 July 2016. With effect from 1st April 2010, interest on the savings bank accounts will be calculated on daily product basis. As such, prior professional tax advice should be sought to fully understand and appreciate the Indian tax implications. The tax consequences are also based on individual facts and circumstances. Indian tax information given herein is general and is not meant to constitute, and therefore should not be construed, as advice. Resident / NRO Deposits are subject to TDS, where applicable. Please speak to our Customer Service Officers at our branches or call Phone Banking for rates on:Įxchange Earners Foreign Currency AccountsĬustomers registered for Internet Banking can view interest rates by logging into Internet Banking. Incase of Joint accountholders where one of the account holder is a Senior Citizen, kindly note that Senior Citizen Term Deposit Interest Rate will only be applicable provided the Senior Citizen is the 'First holder' on the said term deposit. Senior Citizens' Interest Rates are applicable only to Resident Indians on Domestic Fixed Deposits.

* A senior citizen is defined as a person above the age of 60 years. The interest rates for bulk deposits of INR 2 crore or above may change at daily frequencies and you may contact your relationship manager or nearest bank branch to know the interest rate offered by the Bank.ĭeposits placed for 1 year/12 months will have 365 days effective 01 March 2016 While booking on-line, please note the interest rate on offer, as all interest rates are subject to change from time to time. Note : Fixed deposits below INR 1 crore can be booked on-line. Fixed Deposit Interest Rates for Resident with effect from Thursday, 7 September 2023.

Term deposit rates in bank of india