Interest Rates
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a): Interest on Loans and Advance w.e.f. 06.01.2023
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Rate of interest on Loans & Advances effective from 06.01.2023
Last revision in the interest rate on advance products with realignment of spreads in different segments of the interest structure of the Bank was made vide the Circular No BGVB /HO /CREDIT/ 120/2020 dated 08.09.2020, wherein MCLR was fixed at 8.35% (Y) p.a with effect from 10.09.2020.
It has since been decided to revise Bank’s MCLR w.e.f. 06.01.2023 as furnished in the table below:
MCLR (Maturity Wise) |
MCLR Revised w.e.f 06.01.2023 |
9.15% |
8.40% |
8.35% |
8.30% |
8.25% |
Interest on Deposits Rates Effective from 06-10-2023
|
7 days to 14 days
|
3.50
|
3.50
|
3.50
|
3.50
|
|
15 days to 29 days
|
3.50
|
3.50
|
3.50
|
3.50
|
|
30 days to 45 days
|
3.50
|
3.50
|
3.50
|
3.50
|
|
46 days to 90 days
|
4.50
|
4.50
|
4.50
|
4.50
|
|
91 days to 179 days
|
4.50
|
4.50
|
4.50
|
4.50
|
|
180 days to 270 days
|
5.50
|
5.50
|
5.50
|
5.50
|
|
271 days to less than 1 year
|
5.50
|
5.50
|
5.50
|
5.50
|
|
One Year
|
6.50
|
7.00
|
6.75
|
7.25
|
|
1 year 1 day to 2 years
|
6.50
|
7.00
|
6.80
|
7.30
|
|
2 years 1 day to 3 years
|
6.25
|
6.75
|
7.00
|
7.50
|
|
3 years 1 day to 5 years
|
6.25
|
6.75
|
6.50
|
7.00
|
|
5 years 1 day to 10 years
|
6.25
|
6.75
|
6.50
|
7.00
|