Interest Rates

Deposits

In supersession of the previous circulars in exercise, the Board of Directors of the Bank has resolved to revise the prevailing interest rates of term deposits with effect from 9 August 2021 vide DBR No.19 dated 06.08.2021. The details of modified rates are shown hereunder.

Deposit Period Standard Rates Senior Citizen
15 days to 29 days 3.50 % 4.00 %
30 days to 45 days 4.00 % 4.50 %
46 days to 90 days 4.50 % 5.00 %
91 days to 179 days 5.00 % 5.50 %
180 days to 364 days 5.25 % 5.75 %
12 months to 24 months 6.75 % 7.25 %
25 months to 36 months 6.80 % 7.30 %
37 months to 60 months 6.85 % 7.35 %
above 5 years to 10 year 5.75 % 6.25 %
Deposit Period Standard Rates Senior Citizen
777 days of Deposits 7.00 % 7.50 %
1111 days of Deposits 7.10 % 7.60 %
1777 days of Deposits 7.40 % 7.90 %
  • Interest rate of Recurring deposits for each period will be ½% less than the interest rate of Term deposits for the corresponding period.

  • Interest will be paid only on due date.

  • The deposits under this scheme is allowed only for the above said days and not applicable for the days in between.

  • The facility of ½ % additional interest to the senior citizens is applicable to this deposit scheme.

  • The regular deposit scheme interest is applicable in the case of premature closing.

Deposit Period Standard Rates Senior Citizen
Single Deposit of Rs. 10 Lakhs and above - (30 days) 5.25 % --
Single Deposit of Rs. 10 Lakhs and above - (91 days) 6.25 % --

Loans

In supersession of the previous circulars in exercise, the Board of Directors of the Bank has resolved to revise the prevailing interest rates of loans with effect from 1st March 2021 vide DBR No.12 dated 12.02.2021. The details of modified rates are shown hereunder.

Loan Types Interest Rates
ITU Centenary M.T. Loan, L.T. Loan & Business Loan 12.45 %
ITU Centenary Overdraft 11.95 %
Business Cash Credit 11.75 %
SME Business Loan 10.95 %
SME Business OD 10.95 %
Premium Business loan 9.95 %
Premium Business Overdraft 9.95 %
Housing Loan 10.45 %
Premium House loan 9.45 %
Educational Loan 11.95 %
ITU Relief Short term Gold loan -15 days (Bullet type) 7.50 %
ITU Relief -1 month Gold(Bullet type) 7.95 %
ITU Relief- 3 month Gold(Bullet type) 8.75 %
ITU Relief- 6 month Gold(Bullet type) 8.95 %
ITU Aswas -3month Gold(Instalment type) 8.75 %
Long Term Gold Loan 3 Years 9.50 %
Gold Overdraft 9.25 %
  1. All the new Gold loan products will be charged 0.25% insurance charges as one time charge and 0.1% per month service charges. Service charges will be charged at the time of closing of loans.

  2. Term Loans & Overdrafts will not have interest subsidy facilities.

  3. Maximum amount payable as loan in ITU Ashwas Gold Loan 3 Month will be Rs.300 lakhs.

  4. Maximum amount payable as loan will be Rs.2 lakhs in all other bullet type of Gold loans.

  5. Premium Loans can be disbursed only to high rated customers.

  6. Legal charges@1% will be charged for Term loans/overdrafts, if the loans classify as Non Performing Asset.