Floating rate term deposits (FRTDs), as the name suggests, are a variant of fixed deposits, wherein the rate of interest is not fixed for the entire tenor of the deposit, but moves in tandem with a reference rate, which is periodically reset. This deposit shall allow you to take advantage of Interest Rate changes without closing and re-booking their Fixed Deposits.

Advantage

Interest Payment - The interest on the deposit is payable quarterly on the last day of each quarter.

Bullet Interest Reset - Every 3 months, coinciding with calendar quarters – on April 1, July 1, October 1 and January 1 every year.

Bullet Liquidity - One can avail a loan/overdraft against term deposit. At the discretion of the Branch Manager, overdraft/loan up to 90% of FRTD amount may be provided.


The loan/overdraft will be given at interest rate of 2.0% p.a. above the interest rate paid on the deposit, with reduction up to 1.0% as per DoP applicable for Fixed Rate Deposits.

Bullet Nomination facility - Nomination facility is available free of charge.


Bullet Min. & Maximum amount - Rs. 10,000/- only and thereafter in multiple of Rs. 1,000/-. Maximum amount: Less than Rs.1 crore

Interest Rate

Tenor Mark up over the Anchor rate ` Effective Rate for July 1,2013 –Sep 30,2013 period
1 year 1 8.46
2 years 1.1 8.56
3 years 1.25 8.71
5 years 1.25 8.71
7 years 1.35 8.81
10 years 1.4 8.86
> 10 – 20 years1.4 8.86