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Interest Rates

Domestic, NRO and NRE Savings Rate

Effective 15 November 2017, Rate of Interest for Savings Bank Deposit Accounts will be revised as below:

Savings Bank balance
Interest Rate at present (per annum)
Revised Interest Rate effective 1st September 2017 (per annum)
Upto Rs. 50 lakh 4% 3.5%
Above Rs. 50 lakh 4% 4% (unchanged)

Interest will be calculated at applicable Savings Bank Interest Rate on the daily available balance and same will be paid at quarterly rests.

Resident Foreign Currency (RFC) Savings Rate

Effective 15 November 2017, Rate of Interest for RFC Savings Bank Deposits Accounts will be revised as below:

Currency
Interest Rate at present (per annum)
Revised Interest Rate effective 15 November 2017 (per annum)
AUD 3.50% 0.95%
USD 0.50% 0.50% (unchanged)
EUR 1.00% 0.01%
GBP 1.25% 0.01%
JPY 3.50% 0.01%

Important Information:

A. For term deposit with tenor below 1 quarter (3 months): Interest is calculated on the basis of actual number of days considering the year as 365 days. For term deposit with a tenure greater than 1 quarter: a) Interest for the quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. Reinvestment Term Deposit: a) Interest for each completed quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. c) Interest for each quarter is compounded.

This methodology (A) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened after 24 February 2009.

B. Interest on Term Deposit will be calculated on the basis of ‘Actual number of days considering the year as 365 days’.For Reinvestment Term Deposit, Interest is compounded on a quarterly basis.

This methodology (B) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened on and after 2nd January 2018.

Premature withdrawal of the Term Deposit shall be subject to penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. If premature penalty rate falls below the applicable interest rate for reduced tenure then penalty rate will also be reduced to the extent of applicable interest rate. In the event of the death of the depositor, premature termination of Term Deposits will be allowed subject to completion of documentary formalities as required. Such premature withdrawal would not attract any penal charges. There is no interest payment in case of premature withdrawal of the NRE/FCNR Term Deposit before the completion of the minimum tenor (1 year). In the case of premature withdrawal of NRE term deposits for conversion into Resident Foreign Currency (RFC) Account, the bank would not levy any penalty for premature withdrawal.

C. Term Deposit joint account holders (‘E or S’, ‘F or S’) can give a separate premature withdrawal mandate at the time of deposit opening or anytime during the tenure of the deposit. Incase of non availability of such mandate signatures of all joint holders are mandatory for premature upliftment of the deposit.

NRE*(Interest rates are per annum)

The interest rates are updated on a daily basis. In case of non-updation of today’s interest rate, please revisit later to check the updated rates.

Tenor band

INR < 1 Cr

INR 1 Cr         < 2 Cr

1yr  - 375days

6.90%

7.10%

376 -390 days

6.50%

6.75%

391 days < 18 Months

6.50%

6.75%

18M < 21 M

6.95%

7.10%

21M < 2 Yrs

7.00%

7.10%

2 Yrs < 3 Yrs

6.50%

5.50%

3 Yrs < 4 Yrs

6.50%

5.50%

4 Yrs <= 5 Yrs

6.50%

5.50%

*Staff rates is not applicable on NRE Term Deposits.

Important Information:

A. For term deposit with tenor below 1 quarter (3 months): Interest is calculated on the basis of actual number of days considering the year as 365 days. For term deposit with a tenure greater than 1 quarter: a) Interest for the quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. Reinvestment Term Deposit: a) Interest for each completed quarter is calculated considering each quarter as 90 days and year as 360 days (90 days x 4 quarters). b) Interest for the last quarter is calculated on the basis of actual number of days considering the year as 365 days. c) Interest for each quarter is compounded.

This methodology (A) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened after 24 February 2009.

B. Interest on Term Deposit will be calculated on the basis of ‘Actual number of days considering the year as 365 days’.For Reinvestment Term Deposit, Interest is compounded on a quarterly basis.

This methodology (B) is applicable for all rupee denominated deposits (Resident / NRO / NRE) opened on and after 2nd January 2018.

Premature withdrawal of the Term Deposit shall be subject to penalty of 1% on the interest rate payable for the tenor the deposit has been held with the bank. If premature penalty rate falls below the applicable interest rate for reduced tenure then penalty rate will also be reduced to the extent of applicable interest rate. In the event of the death of the depositor, premature termination of Term Deposits will be allowed subject to completion of documentary formalities as required. Such premature withdrawal would not attract any penal charges. There is no interest payment in case of premature withdrawal of the NRE/FCNR Term Deposit before the completion of the minimum tenor (1 year). In the case of premature withdrawal of NRE term deposits for conversion into Resident Foreign Currency (RFC) Account, the bank would not levy any penalty for premature withdrawal.

C. Term Deposit joint account holders (‘E or S’, ‘F or S’) can give a separate premature withdrawal mandate at the time of deposit opening or anytime during the tenure of the deposit. Incase of non availability of such mandate signatures of all joint holders are mandatory for premature upliftment of the deposit.

D. Bank reserve the right not to allow premature partial break in certain Term Deposits/MIPI booked under preferential rates.

DOMESTIC / NRO (Interest rates are per annum)

Rate valid for: 20-April-2018

20-April-2018
INR < 1 Cr
INR 1cr - < 2cr
Interest Rate Senior Citizen Rate (only for resident)**
7-9 days 4.25% 4.75% 4.50%
10-14 days 4.25% 4.75% 4.75%
15 -17days 4.50% 5.00% 4.75%
18-20days 4.50% 5.00% 4.75%
21-23days 4.50% 5.00% 4.75%
24-26 days 4.50% 5.00% 4.75%
27-29days 4.50% 5.00% 4.75%
30-32 days 5.00% 5.50% 5.00%
33-35 days 5.00% 5.50% 5.00%
36-38 days 5.00% 5.50% 5.00%
39-41 days 5.00% 5.50% 5.00%
42-44 days 5.00% 5.50% 5.00%
45 -47 days 5.50% 6.00% 5.15%
48-50 days 5.50% 6.00% 5.15%
51-53 days 5.50% 6.00% 5.15%
54-56 days 5.50% 6.00% 5.15%
57-59 days 5.50% 6.00% 5.15%
60-74 days 5.75% 6.25% 5.25%
75-89 days 5.75% 6.25% 5.50%
90 -104 days 6.00% 6.50% 5.60%
105-120 days 6.00% 6.50% 5.60%
121 -149 days 6.25% 6.75% 5.60%
150-164 days 6.25% 6.75% 5.60%
165-180 days 6.25% 6.75% 5.60%
181-210 days* 7.00% 7.50% 6.70%
211-226 days 6.70% 7.20% 6.70%
227 - 269 days 6.70% 7.20% 6.70%
270 days-345 days 6.70% 7.20% 6.70%
346 days-364 days 6.70% 7.20% 6.70%
1yr  - 375days* 6.90% 7.40% 7.10%
376 -390 days 6.50% 7.00% 6.75%
391 - < 18 Months 6.50% 7.00% 6.75%
18M  < 21M* 6.95% 7.45% 7.10%
21M < 2 Yrs* 7.00% 7.50% 7.10%
2 Yrs < 3 Yrs 6.50% 7.00% 5.50%
3 Yrs < 4 Yrs 6.50% 7.00% 5.50%
4 Yrs <= 5Yrs 6.50% 7.00% 5.50%
  • *Staff rates not applicable.
  • Staff rates not applicable for Online booking. Please contact nearest branch or call Phone banking to avail staff interest rate
  • ** Staff rate is not applicable in case of deposits with Senior citizen rate.
  • Senior Citizen rate is not applicable for ‘Non-Resident clients’ (NRO & NRE accounts)
  • Senior Citizen rate will not be automatically available in the normal course on roll over if the current deposit is not availing a senior citizen rate’. In such instances, the client will need to reach out to the bank and opt for senior citizen rate as per the current process of availing senior citizen rates.
  • In case of Joint account, senior citizen interest rate will be offered basis the age of the Primary account holder.
  • Deposits less than INR 1 Cr can also be booked online. Please contact your Relationship Manager or nearest SCB Branch for deposits greater than or equal to INR 1 Cr.
  • The interest rates are updated on a daily basis. In case of non-updation of today’s interest rate, please revisit later to check the updated rates.
  • An individual who attends 60 year of age is considered as ‘senior citizen’ client

FCNR Carded rates

In case of USD FCNR B deposits booked for tenure 3 years and above

 

 

Deposit Period
Rate w.e.f
Rate w.e.f
  3rd Apr 2018 3rd Apr 2018
Currency: USD < USD 100,000 >= USD 100,000
1 year - < 375 days 1.85 1.85
375 D 1.85 1.85
376 D - < 1.5 years 1.50 1.50
1.5 years - < 2 years 0.01 0.01
2 years - <  740 D 0.01 0.01
740 D 0.01 0.01
741 D - < 3 years 0.01 0.01
36 - <39 Months 0.01 0.01
Currency : GBP
1 year < 375 days 0.84 0.84
375 D 0.84 0.84
376 D < 1.5 years 0.55 0.55
1.5 years < 2 years 0.01 0.01
2 years 0.01 0.01
Currency: EUR
1 year - < 375 days 0.01 0.01
375 D 0.01 0.01
376 days - < 1.5 years 0.01 0.01
1.5 years < 2 years 0.01 0.01
2 years 0.01 0.01
Currency: CAD
1 year 0.01 0.01
366D < 390D 0.01 0.01
391D < 1.5 years 0.01 0.01
Currency: AUD
1 year 0.01 0.01
366D < 390D 0.01 0.01
391D < 1.5 years 0.01 0.01
Currency: JPY
1 year 0.01 0.01
  • The minimum lock-in period for the deposit will be one year. Premature withdrawal will be allowed after one year.
  • In case of premature withdrawal of the deposit, interest will be payable at the rate applicable (at the time of booking of deposit ) for the tenor for which the deposit has been held with the bank.
  • In the event of premature withdrawal of the Deposit, the Bank shall recover penalty from the Depositor for all amounts equal to the total losses or costs incurred by the Bank (including, without limitation, any loss or cost incurred as a result of the Bank terminating, liquidating, obtaining or re-establishing any hedge or related position in connection with this Deposit) that are or would be incurred under then prevailing circumstances. The Bank shall be entitled to set-off such losses and costs incurred by the Bank against the Deposit and interest payable thereon. It is hereby clarified that such recovery and set-off by the Bank may not fully safeguard the principal amount of the Deposit.