Bombay Mercantile Co-Operative Bank Limited
INTEREST RATES ON DOMESTIC TERM DEPOSITS
have been revised w.e.f. 7th August, 2017, as under :
15 days to 90 days
91 days to 179 days
180 days to 12 months
Above 1 years to 2 years *
Above 2 years to 3 years *
Above 3 years to 5 years
Tax Savings(5 years subject to conditions of Tax Saving Scheme
Savings Deposits from 1st April 2017 to 31st March 2018 interest will be allowed @3.00%p.a.
* 0.15% lesser interest rate than the card rate will be offered in case of FCR deposits.
Deposits under Recurring Deposits scheme will be accepted for a period of 12 months and above upto 36 months
- In case of payment before maturity, interest upto 30 days will be nil. Above 30 days : 1% less than applicable rate of interest for the actual period for which deposit is kept with the Bank.
- Penal interest @1% will be charged on all deposits which are prematurely closed and reinvested regardless of the residual period of deposit.
- Term Deposit Receipts should be renewed within a period of 14 days from the date of maturity. In case the overdue period exceeds 14 days and if the depositor renews the entire amount of overdue deposit or part thereof as a fresh term deposit, the interest for the overdue period will be paid at the rate as applicable to savings deposits. (Branch should make rubber stamp of this condition and affix the same on the face of the receipt.)
- Additional interest rate is not applicable now on Recurring Deposits for Senior Citizens.
- As per the existing practice, all permanent staff members, retired staff or staff retired under Early Severance Scheme of the Bank, either singly or jointly with any other members of his/her family or the spouse of a deceased staff or the spouse of deceased retired staff or deceased the spouse of staff retired under Early Severance Scheme would be entitled to interest rates at a premium of 1% above the rates specified for general public provided the first name in the account is of the employee except in case of spouse of the deceased staff. Retired staff does not include those staff who have resigned or staff whose services have been terminated by the Bank.
- Since the interest rate premium on senior citizen deeposits is high, it is necessary to ensure that valid age proof of the senior citizens is obtained while accepting deposits from senior citizens. He/She should be 60 years and above of age. Moreover, the senior citizen's name should appear as the first name in the respective account.