Term Deposit Account

Term Deposits

Shri Mahila Sewa Sahakari Bank Ltd.
For Interest Rate Changes From 20/05/2023
Period Int. Rate
For Savings Deposit 3 % as Per Earlier
For Fixed Deposit & Recurring Deposit For FD & RD Deposit
90 days to 364 days 4.5%
365 days to 3years 6.0%
Above 3year to 5 years 6.5%
Above 5 years 7.0%
For senior citizen 0.50 % higher for the period above 1 year
Important Notes

Premature Renewal of Term Deposit: In case the depositor desires to renew the deposit by seeking premature closure of an existing term deposit account, the bank will permit the renewal at the applicable rate on the date of renewal, provided the deposit is renewed for a period longer than the balance period of the original deposit. While prematurely closing a deposit for the purpose of renewal, interest on the deposit for the period it has remained with the bank will be paid at the rate applicable on the date of deposit to the period for which the deposit remained with the bank and not at the contracted rate. In such case penalty for pre-payment of deposit will not be imposed.

  • Senior Citizen (i.e. having age of 60 years or more) will continue to get benefit of 0.50% higher interest rate on Deposits. However Deposits placed by Senior Citizen under section 80 C of Income Tax Act.
  • Senior Citizens and Super Senior Citizens will not get benefit of additional interest rate on Deposits having maturity of less than 1 year. This means that if Senior Citizen/ Super Senior Citizen want to avail benefit of additional interest rate on Deposits then they have to place deposit for 1 year & above.
  • Staff members will continue to get 1% additional interest on Term Deposits. If staff is Senior Citizen, he/she will continue to get additional interest benefit of 0.50%