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Personal

 

Penalty Details

Sr No. Effective Date Amount of Deposits Remarks
1 01.01.2005 All fresh and renewed Domestic Rupee Term deposits for Rs.1 Cr & above Penalty waived
2 01.04.2005 All fresh and renewed Domestic Rupee Term deposits for Rs. 25 Lacs and above. Penalty waived
3 01.12.2008 All fresh and renewed Domestic Rupee Term deposits Penalty waived
4 27.06.2011 All Domestic Rupee Term Deposits of Rs.1 Cr & above received / renewed on or after 27.06.2011. Penalty imposed
5 21.03.2012 All fresh and renewed deposits Domestic Rupee Term Deposits Penalty waived
6 09.02.2015

Premature withdrawal of NRE Rupee Term Deposits:-
In the occurrence of premature withdrawal on NRE Rupee Term deposits-

  • If the NRE deposit has not run for a minimum stipulated maturity (presently twelve months) no interest is payable.

For Term Deposits opened / renewed on or after 09.02.2015

  • There was a penalty of 1% on premature withdrawal of NRE TD for 1 year and above w.e.f. 7/10/1998. This has been waived w.e.f. 09.02.2015.
  • No penalty on premature withdrawal of NRE TD for all fresh and renewed deposits w.e.f. 09.02.2015 till 31.03.2016.
  • NRE Deposit prematurely withdrawn after 12 months but before original maturity, the Interest will be payable at a rate applicable on the date of acceptance of the deposit, to the period for which deposit remained with the Bank or the contracted rate whichever is lower.
7 01.04.2016 Penalty on Premature withdrawal of fresh and renewed Domestic, NRO & NRE Rupee Term Deposits w.e.f. 01.04.2016
Applicable for Domestic & NRO Term Deposits –
  • Nil Penalty - Deposits less than Rs. 5 Lacs withdrawn on or after completion of 12 months
  • Penalty @0.50% - Deposits less than Rs. 5 Lacs withdrawn prematurely before completion of 12 months
  • Penalty @1.00% - Deposits of Rs. 5 Lacs & above withdrawn prematurely
Applicable for NRE Term Deposits –
  • No interest payable for NRE Term Deposits remained with the Bank for less than 12 Months & hence, No Penalty.
  • Nil Penalty- Deposits of less than Rs.5 Lacs remained with the Bank for 12 Months and above
  • Penalty @1.00% - Deposits of Rs. 5 Lacs & above withdrawn prematurely after completion of 12 months