CHANGE IN MODE OF RENEWAL OF OVERDUE TERM DEPOSITS AND PAYMENT OF ADDITIONAL INTEREST OF 0.50% ON RESIDENT SENIOR CITIZEN’S DEPOSITS W.E.F. 10.03.2020
Proposed Modifications are as follows:
1. Change In Mode Of Renewal Of Overdue Term Deposits - An overdue deposit will be paid interest at prevailing Savings Bank Rate for the overdue period. If such deposit is continued (entire amount or in part), the same will be treated as a fresh term deposit from the date of presentation, at the rate prevailing on the date of presentation for the period of fresh term deposit.
2. Payment of additional interest of 0.50% on Resident Senior Citizen’s deposits-For senior citizens’ term deposits, extra rate of interest of 0.50% shall be extended for slabs of 180 days and above. The additional rate of 0.50% shall be restricted to Senior citizen’s Term deposits of less than ₹2.00 crore (Customer ID wise).