|
S. No. |
Facility |
Existing rates with effect from 19.04.2023
vide Circular No.CIR00192 dated 27.04.2023 |
Revised rates with effect from 01.05.2024
(compounded monthly) |
|
1. |
Cash
Credit Limits |
9.50 % p.a. |
9.75 % p.a. |
|
2. |
OD Limits |
9.75 % p.a. |
10.00 % p.a. |
|
3. |
DOD Limits |
10.00 % p.a. |
10.25 % p.a. |
|
4. |
Mortgage
Loans |
9.50 % p.a. |
9.75 % p.a. |
|
5. |
Home Loans |
8.50 % p.a. |
8.75 % p.a. |
|
6. |
Education
Loans |
9.00 % p.a. |
9.25 % p.a. |
|
7. |
Unsecured
loans to Govt./other employees with check-off facility |
12.00 % p.a. |
12.25 % p.a. |
|
8. |
Unsecured
loans to Govt./other employees without check-off facility |
15.00 % p.a. |
15.25 % p.a. |
|
9. |
Demand
Loans/Overdraft against the security of Bank’s own FDR |
1.00 % above the rate of interest
payable on Term Deposit against which DL/OD is sanctioned |
No change |
|
10. |
Loans
against the security of NSC/KVP |
10.00 % p.a. |
10.25 % p.a. |
|
11. |
Loans
against Hypothecation of vehicle |
9.00 % p.a. |
9.25 % p.a. |
|
12. |
Loans
against assignment of LIC policies |
10.00 % p.a. |
10.25 % p.a. |
2. Other
guidelines in this regard are as under;
(i) Revised
interest rates will be applicable on all fresh loans/enhancements sanctioned
hereafter.
(ii) Revised rates of interest will not be applicable on loans/enhancements sanctioned in principle or by the BoD/BoM (Loan) on or prior to the date
of approval of these
rates by the competent authority. Date of approval is 30.04.2023.
(iii) There
will not be any change in interest rates on existing loans in all the
categories.
(iv) The rates of interest and other charges can be changed at any time at the sole discretion of the Bank by giving intimation to the borrower, co-
borrower,
mortgagor(s) and surety(ies).
(v) Branches
are instructed to display revised rates of interest on Notice Boards and other
publicity material of the Bank immediately.
(vi) Branches
are also instructed to publicize the same for the purpose of marketing new loan
proposals.
(vii) Revised interest rates should be brought in the knowledge of all the staff working in the branches.
(viii) Revised interest rates should be uploaded on website of the bank
3. Other instructions on the subject will remain unchanged.
4. Branches and other officials are advised to take a careful note of the above instructions and ensure meticulous compliance and
implementation thereof.
