|
Sr.No
|
Maturity Period
|
Existing
(w.e.f. 03.08.2024)
|
Revised
(w.e.f. 03.03.2025)
|
|
1.
|
7-14 days
|
3.25%
|
3.25%
|
|
2.
|
15-30days
|
3.25%
|
3.25%
|
|
3.
|
31-45days
|
3.25%
|
3.25%
|
|
4.
|
46-90 days
|
4.25%
|
4.25%
|
|
5.
|
91-179 days
|
4.25%
|
4.25%
|
|
6.
|
180 days and above but less than 270 days
|
4.95%
|
4.95%
|
|
7.
|
270 days and above but less than -1- year
|
5.75%
|
5.75%
|
|
8.
|
-1- year and above but less than or equal to 18 months
|
6.70%
|
6.70%
|
|
9.
|
Above 18 months but less than or equal to -2- years
|
7.00%
|
7.00%
|
|
10.
|
Above -2 -years but less than or equal to -3- years
|
6.25%
|
6.25%
|
|
11.
|
Above -3- years but less than or equal to –5- years
|
5.75%
|
5.75%
|
|
12.
|
Above-5- years but less than or equal to upto 10 years
|
5.35%
|
5.35%
|
|
13.
|
NAINI MONSOON DHAMAKA TERM DEPOSIT SCHEME (300 Days)
|
7.00%
|
7.00%
|
|
13.
|
425 DAYS
|
-
|
7.05%
|
|
14.
|
Naini Tax Saver Scheme*
|
5.75%
|
5.75%
|
* Premature withdrawal will not be allowed before completion of 05 years except in case of death of the customer/depositor.
Domestic Term Deposits for Senior Citizens: - Branches may continue to pay an additional interest of 0.50% on domestic term deposits of less than Rs. 3.00 crore to Senior Citizens for all tenors in terms of extant guidelines, except under Naini Tax Saver Scheme.
Domestic Term Deposits for Super Senior Citizens: - Branches will now pay an additional interest of 0.60% (0.50% + 0.10%) on domestic term deposits of less than Rs. 3.00 crore to Super Senior Citizens (Customers who have attained the age of 80 years) for all tenors in terms of extant guidelines, except under Naini Tax Saver Scheme.
Domestic Term Deposits for Staff Members: - Branches may continue to pay an additional interest of 1% on domestic term deposits of less than Rs. 3.00 crore to all Staff Members for all tenors in terms of extant guidelines, except under Naini Tax Saver Scheme.
In case of retired Staff members who are Senior Citizens resident in India, branches are authorized to pay additional interest of 1.50% per annum (i.e. 1% normal staff privilege plus 0.50% as a benefit of being a Senior Citizen on their fresh term deposits and renewals of existing resident Term Deposits of less than Rs. 3 Crores for maturities from 07 days to 10 years, except under Naini Tax Saver Scheme and in case of retired Staff members who are Super Senior Citizens resident in India, branches are authorized to pay additional interest of 1.60% per annum (i.e. 1% normal staff privilege plus 0.60% as a benefit of being a Super Senior Citizen on their fresh term deposits and renewals of existing resident Term Deposits of less than Rs. 3 Crores for maturities from 07 days to 10 years, except under Naini Tax Saver Scheme
Please extend additional rate (as applicable) to staff members, senior citizen staff members and Super Senior Citizen only in case where name of staff member/senior citizen staff is notified as principal (first name) account holder in account.
We reiterate that in case of premature payment of Term Deposits, interest rate shall be 1% less than the interest rate applicable for the period the deposit remained with the bank as per existing guidelines. Please, further note that rates for bulk deposits are determined by Treasury Department, Head Office, Nainital and are directly updated in the CBS System, on need based business requirements of the bank.
In terms of Reserve Bank of India directives, interest shall be calculated at quarterly intervals on term deposits and paid at the rate decided by the Bank depending upon the period of deposits. In case of monthly income scheme, the interest shall be calculated for the quarter and paid monthly at discounted value. The interest on term deposits is calculated by the Bank in accordance with the formulae and conventions advised by Indian Banks’ Association. Accordingly, Bank has adopted following methodology- For the purpose of calculation of interest in all the cases of domestic term deposit, where deposits are repayable in less than three months or the terminal quarter is incomplete, interest should be paid proportionately for the actual number of days reckoning the year at 365 or 366 days as the case may be viz. the calculation of interest on such deposits should be in order of completed quarters and days.