Quarterly Income Plan are excellent investment opportunities for depositors who do not have a fixed income and can earn interest on a quarterly basis, as the case may be. The interest provided is credited directly to the depositor’s savings account with the bank.
Quarter Re-Investment Plan is a good form of investment for depositors who have a regular income and do not require to withdraw the interest on the deposit. The interest earned is added to the principal amount and reinvested to gain substantial increase in the amount invested.
To meet monthly expenses, Customers can keep deposit with us under this scheme, where a fixed interest at a discounted rate on a monthly basis will be credited to their savings account and a standing instruction can be given for debiting their ECS, Reliance Bills Collection, Telephone bill payment etc.
Short Term Deposits are deposits designed for placing deposits for a shorter duration i.e. presently from 7 to 14 days, 15 to 30 days, 31 to 90 days, 91 to 180 days, 181 to 270 Days, 271 to less than 1 year. Depositor can avail of higher interest rates compared to interest paid to savings bank account.
| Term deposits | General Public | Senior Citizen |
|---|---|---|
| 7 to 14 days* | 3.50 % | 3.50 % |
| 15 to 30 days* | 3.50 % | 3.50 % |
| 31 to 90 days | 4.50 % | 4.75 % |
| 91 to 180 days | 5.25 % | 5.50 % |
| 181 to 270 Days | 6.00 % | 6.50 % |
| 271 to less than 1 year | 6.25 % | 6.75 % |
| 1 year (MIP/QIP/QRIP) | 7.50 % | 8.00 % |
| More than 1 year to 18 Months (MIP/QIP/QRIP) | 7.35 % | 7.85 % |
| More than 18 Months to 2 Years (MIP/QIP/QRIP) | 7.25 % | 7.50 % |
| More than 2 Years to 3 Years (MIP/QIP/QRIP) | 7.25 % | 7.50 % |
| More than 3 Years to 5 Years (MIP/QIP/QRIP) | 6.50 % | 6.75 % |
| More than 5 Years to 10 Years (MIP/QIP/QRIP) | 6.50 % | 6.75 % |
| NRE Deposits - 1 year to 3 years - | Same interest as offered on domestic deposits |
| NRO Deposits - 7 days to 5 years - | Same interest as offered on domestic deposits |
