Interest Rate on Deposit - The Howrah DCCB Ltd
Revision of Interest Rates on Term Deposits (Effective from 5th December 2022)
For Term Deposits
| Tenure | Less than Rs. 1.00 Cr. | Rs. 1.00 Cr. & Above | Rs. 1.00 Cr. & Above but Less than Rs. 25.00 Cr. | Rs. 25.00 Cr. & Above but Less than Rs. 100.00 Cr. | Rs. 100.00 Cr. & Above |
|---|---|---|---|---|---|
| 07-14 days | 4.05 | 4.05 | 4.00 | 4.05 | 4.15 |
| 15-29 days | 4.10 | 4.10 | 4.05 | 4.15 | 4.25 |
| 30-45 days | 4.15 | 4.15 | 4.15 | 4.25 | 4.35 |
| 46-90 days | 4.50 | 4.50 | 4.30 | 4.35 | 4.50 |
| 91-180 days | 5.25 | 5.25 | 4.35 | 4.50 | 4.75 |
| 181 to 364 days | 5.50 | 5.50 | 4.75 | 4.80 | 4.85 |
| 1 year | 7.00 | 7.50 | 7.10 | 7.25 | 7.35 |
| Above 1 year to less than 3 years | 6.75 | 7.00 | 6.50 | 6.55 | 6.60 |
| 3 years to 5 years | 6.50 | 6.75 | 6.25 | 6.30 | 6.35 |
| More than 5 years | 6.25 | 6.50 | 6.00 | 6.05 | 6.10 |
Special Scheme - Monthly Income Scheme (MIS)
| Tenure | Less than Rs. 1.00 Cr. | Rs. 1.00 Cr. & Above but Less than Rs. 25.00 Cr. | Rs. 25.00 Cr. & Above but Less than Rs. 100.00 Cr. | Rs. 100.00 Cr. & Above |
|---|---|---|---|---|
| For Common People | 6.50 | 6.25 | 6.30 | 6.35 |
| For Senior Citizens | 6.75 | 6.25 | 6.30 | 6.35 |
Interest Rates on Statutory Funds
| Fund Type | Interest Rate |
|---|---|
| Reserve Fund, Bad Debt Reserve Fund, Agriculture Credit Stabilization Fund | 7.35% |
Important Notes:
- No interest is paid for deposits held for less than 7 days.
- Acceptance of deposits or renewal of deposits of Rs. 5.00 crore and above is at the discretion of the Bank’s authority.
- For deposits of Rs. 5.00 crore and above, interest rates are negotiable. Please contact the nearest branch or Head Office for details.
- Interest on MIS will be paid monthly at a discounting rate.
- TDS is applicable as per the amendments in the Finance Act, from time to time.
- TDS will be deducted on the total interest earned during the financial year on all deposits held by a customer with the bank, not on individual deposits.
- Submission of Income Tax PAN is mandatory. If PAN is not submitted, TDS will be deducted at a higher rate.
- For reinvestment deposits, the interest is post-TDS recovery, and the maturity amount will vary based on the tax and compounding effect.
- A penal interest rate of 1% will be applicable on premature withdrawal. The rate for premature closure will be the lower of the original contracted rate or the rate applicable for the tenure.
- No penalty applies in the event of the death of the depositor.
- No interest is paid for deposits held for less than 7 days.
- Acceptance of deposits or renewal of deposits of Rs. 5.00 crore and above is at the discretion of the Bank’s authority.
- For deposits of Rs. 5.00 crore and above, interest rates are negotiable. Please contact the nearest branch or Head Office for details.
- Interest on MIS will be paid monthly at a discounting rate.
- TDS is applicable as per the amendments in the Finance Act, from time to time.
- TDS will be deducted on the total interest earned during the financial year on all deposits held by a customer with the bank, not on individual deposits.
- Submission of Income Tax PAN is mandatory. If PAN is not submitted, TDS will be deducted at a higher rate.
- For reinvestment deposits, the interest is post-TDS recovery, and the maturity amount will vary based on the tax and compounding effect.
- A penal interest rate of 1% will be applicable on premature withdrawal. The rate for premature closure will be the lower of the original contracted rate or the rate applicable for the tenure.
- No penalty applies in the event of the death of the depositor.