*The Rate applicable to all senior citizens including Retired Staff of age 60 years and above will be 0.50% over the rate payable for above 1 year tenors.
The Interest Rate payable to UBI Staff and Retired Staff will be 1% above the applicable rate for Retail Term Deposit.
The Retired Staff of age 60 years and above will get both the benefits of staff (1%) and Senior Citizen (0.50%) for Deposits of above one year.
The ex-employees who were compulsorily retired, dismissed or removed from Bank’s services as a measure of disciplinary action or even resigned from Banks’ services will not be eligible to avail of the above benefits (H.O. Circular No. PD/DIR/03/O&M- 0145/06-07 dated 30.05.2006).
The proposed rates shall be made applicable to fresh deposits and renewal of term deposits. The Interest rate on UBI Tax Saving Schemes and NRE/NRO Deposits shall be aligned as per the above proposed rates for Domestic Retail Term Deposits. But, no staff benefit will be applicable for United Tax Savings Deposit Scheme. The revised rates of Interest shall also be made applicable to Domestic Term Deposits from Co-operative banks.
Premature Withdrawal – The instructions in respect of premature withdrawal of Retail Term Deposits will be same as under:
- If Term Deposit is closed prematurely within 7 days from the date of deposit:
No Interest will be paid.
- If closed prematurely beyond 7 days and withdrawn the deposit: 1% penalty will be levied on the rate of interest applicable for the period the deposit remained with the Bank.
- If prematurely withdrawn for reinvesting the deposit for a period longer than the residual period of the original deposit, interest will be paid at the rate applicable on the date of original deposit for the period for which the deposit remained with the Bank, without applying any penalty of 1%.
- If the term deposit is renewed by premature withdrawal for a period shorter than the
remaining period of the deposit, penalty will be charged @ 1%.
There is no discretion for reduction / waiver of penalty for premature withdrawal of Term Deposits.
Premature payment of Bulk Term Deposits: Premature Penalty for Bulk Term Deposits for all tenors will be 1%. There is no discretion for reduction / waiver of penalty for premature withdrawal of Term Deposits.
Interest Rates on Term Deposits of Rs. 1.00 crore and above:
The Branches / RO should obtain prior clearance from GM(Treasury) Head Office for accepting single deposits of Rs. 1.00 Crore and above even at Card Rates.