The Rates of Interest on Term Deposits of the Bank have been revised as follows. The revised rates will be effective from 19.01.2023
| PERIOD OF DEPOSIT | EXISTING (% p.a.) | REVISED (% p.a.) |
|---|---|---|
| 7 days to 14 days | 2.90 | 3.00 |
| 15 days to 29 days | 2.90 | 3.00 |
| 30 days to 45 days | 2.90 | 3.00 |
| 46 days to 60 days | 3.25 | 3.25 |
| 61 days to 90 days | 3.25 | 3.25 |
| 91 days to 180 days | 3.80 | 3.50 |
| 181 days to 269 days | 4.40 | 4.40 |
| 270 days to less than 1 year | 4.40 | 4.40 |
| 1 year to less than 2 years | 5.10* | 6.10* |
| 2 years to less than 3 years | 5.25* | 6.20* |
| 3 years and above | 5.00* | 6.30* |
*Additional rates of interest of 0.50 % applicable for senior citizens for deposits of 1 year and above.
Aforementioned rates will be applicable to fresh deposits as well as on renewal of matured deposits and rates are subject to revision at any time.
Additional interest at the following rates may be allowed to the depositors belonging to the categories mentioned below.
i) Staff : 1.00% over normal rate
ii) Ex-Staff (Senior Citizen) : 1.50% over normal rate
Penal charges for pre-mature withdrawal of Term deposits:
| Sl. No. | Particulars | Penal Charges. |
|---|---|---|
| i | Term Deposits remained with the Bank for less than 07 days | No interest payable |
| ii | Term Deposits closed prematurely | 1 % penalty on the rate applicable for the period the deposit remained with the bank |
| iii | Premature closure of Term Deposits for re-investment in our Bank for a period not less than the remaining term of the original deposit | No penalty. |
| iv | Premature closure of Term Deposits for re-investment in our Bank for a period shorter than the residual period of original deposit | 1 % penalty. |
*Note: Additional interest rate of 1.00 % per annum will be paid to employees /retired employees and spouses of deceased employee or retired deceased employee.
* Ex-employees who were compulsorily retired, dismissed or removed from bank’s services as a measure of disciplinary action or even resigned from bank’s services will not be eligible to the above benefits.
Interest rate on Saving Bank Deposits
| Sl. No. | EXISTING | REVISED |
|---|---|---|
| i) | 3 % p.a. | 2.75 % p.a. |
The prevailing interest rates of the Bank on deposits and advances are given below (% p.a.):
1. Interest rates on deposits :
(i) Savings Bank deposits – 3.50 % p.a.
(ii) Term deposits:
The prevailing interest rates of the Bank on deposits and advances are given below (% p.a.)
| Sl. No. | Period of Deposit | The prevailing interest rates | |
|---|---|---|---|
| Other than Sr. Citizen | Rate for Sr. Citizen | ||
| 1 | 7 Days to 14 Days | 4.00 | 4.00 |
| 2 | 15 Days to 29 Days | 4.00 | 4.00 |
| 3 | 30 Days to 45 Days | 4.00 | 4.00 |
| 4 | 46 Days to 60 days | 4.00 | 4.00 |
| 5 | 61 Days to 90 Days | 4.50 | 4.50 |
| 6 | 91 Days to 180 Days | 5.00 | 5.00 |
| 7 | 181 days to 269 Days | 5.50 | 5.50 |
| 8 | 270 Days to less than 1 Year | 5.75 | 5.75 |
| 9 | 1 Year | 5.75 | 6.25 |
| 10 | Above 1 year to less than 2 years | 6.50 | 6.50 |
| 11 | 2 years to less than 3 years | 6.00 | 6.50 |
| 12 | 3 years to less than 5 years | 6.00 | 6.50 |
| 13 | 5 years and above | 6.00 | 6.50 |
| If Term Deposit is closed prematurely withdrawn within 7days from the date of deposit. | No interest will be paid |
| If closed prematurely beyond 7days 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 %. |
2. Rate of interest on Loans and Advances
Applicable MCLR for Loan Tenors
| Sl.No. | Applicable MCLR Benchmark | Applicable MCLR |
|---|---|---|
| 1 | Overnight MCLR-i.e MCLR-D | 8.60% |
| 2 | 1 Month MCLR-i.e MCLR-M | 8.65% |
| 3 | 3 Months MCLR-i.e MCLR-Q | 8.70% |
| 4 | 6 Months MCLR-i.e MCLR-H | 8.75% |
| 5 | 1 Year MCLR-i.e. MCLR-Y | 8.80% |
| Under MCLR regime, the spread includes (i) business strategy premium and (ii) credit risk premium. The spread specified for one year MCLR benchmark i.e. MCLR-Y will also be applicable to other MCLR benchmark as per the Risk Rating. Any concession in the interest rate under MCLR system can be given by the competent authority as per guidelines in Bank’s Lending Policy | ||
| Sl. No. & Scheme Type | Rate of Interest | Scheme Code |
| A. Agriculture Advance | LA103,LA104, LA121,LA105, LA116,LA124, LA125,OD003, CC106,LA123, CC201 |
|
| i. Loan limit upto Rs.50000/- | MCLR-Y + 1.2% i.e. 10% | |
| ii. Loan Limit above Rs.50000/- to Rs.200000/- | MCLR-Y + 2.2% i.e. 11% | |
| iii. Loan Limit above Rs.200000/- to Rs.1000000/- | MCLR-Y + 3.2% i.e. 12% | |
| iv. Loan Limit above Rs.1000000/- to Rs.2500000/- | MCLR-Y + 3.7% i.e. 12.5% | |
| v. Limit above 25.00 lacs | ||
| a. MRBCR0 | MCLR-Y + 2.2% i.e. 11% | |
| b. MRBCR1 | MCLR-Y + 2.7% i.e. 11.5% | |
| c. MRBCR2 | MCLR-Y + 3.2% i.e. 12% | |
| d. MRBCR3 | MCLR-Y + 3.7% i.e. 12.5% | |
| e. MRBCR4 | MCLR-Y + 4.2% i.e. 13% | |
| f. MRBCR5 | MCLR-Y + 5.2% i.e. 14% | |
| Note: I. Bank will charge interest on all direct agricultural advances on half-yearly basis. However, interest on current dues, i.e. Crop loans & intallments not falling due in rewpect of Term Loans should not compounded. II. When Crop Loan or installment under Term Loan becomes overdue, outstanding interest to be added to the principal and interest would be compounded. However, total interest debited to an account should not exceed the principal amount in respect of short term agricultural advances to small and marginal farmers. III. In case of short term production credit up to Rs.3.00 lakh, the applicalble rate of interest shall be 7% payable as per norms on due date. Branches will prepare half-yearly statement of actual disbursement/drawal of crop loan and calculate interest subvention @ 2.00% p.a. and submit to H.O. as per extant H.O. Circular. Concession in rate of interest by 3.00% for timely repayment of bank dues in terms of Government directives will also continue. However if the loan is not repaid within the due date (overdue accounts with limit upto Rs.3.00 lakh), normal rate of interest (MCLR linked loan quantum wise rate) for agricultural advances after due date till recovery will be applicalble. |
||
| Sl. No. & Scheme Type | Rate of Interest | Scheme Code |
| B. Advance to MSME (Tl/CC) | LA210,LA215, LA206,LA204, LA207,LA218, LA410,LASEC, CC001,CC101, CC112,CC110, SBREG,SB201, SBFIG |
|
| i. Loan limit upto Rs.50000/- | MCLR-Y + 2.2% i.e. 11% | |
| ii. Loan Limit above Rs.50000/- to Rs.200000/- | MCLR-Y + 3.2% i.e. 12% | |
| iii. Loan Limit above Rs.200000/- to Rs.1000000/- | MCLR-Y + 3.7% i.e. 12.5% | |
| iv. Loan Limit above Rs.1000000/- to Rs.2500000/- | MCLR-Y + 4.2% i.e. 13% | |
| v. Limit above 25.00 lacs | ||
| a. MRBCR0 | MCLR-Y + 2.2% i.e. 11% | |
| b. MRBCR1 | MCLR-Y + 2.7% i.e. 11.5% | |
| c. MRBCR2 | MCLR-Y + 3.2% i.e. 12% | |
| d. MRBCR3 | MCLR-Y + 3.7% i.e. 12.5% | |
| e. MRBCR4 | MCLR-Y + 4.2% i.e. 13% | |
| f. MRBCR5 | MCLR-Y + 5.2% i.e. 14% | |
| C. Term Loan/Cash Credit (Non schematic and Non priority) | ||
| i. Loan limit upto Rs.50000/- | MCLR-Y + 3.2% i.e. 12% | |
| ii. Loan Limit above Rs.50000/- to Rs.200000/- | MCLR-Y + 4.2% i.e. 13% | |
| iii. Loan Limit above Rs.200000/- to Rs.1000000/- | MCLR-Y + 4.7% i.e. 13.5% | |
| iv. Loan Limit above Rs.1000000/- to Rs.2500000/- | MCLR-Y + 5.2% i.e. 14% | |
| v. Limit above 25.00 lacs | ||
| a. MRBCR0 | MCLR-Y + 3.2% i.e. 12% | |
| b. MRBCR1 | MCLR-Y + 3.7% i.e. 12.5% | |
| c. MRBCR2 | MCLR-Y + 4.2% i.e. 13% | |
| d. MRBCR3 | MCLR-Y + 4.7% i.e. 13.5% | |
| e. MRBCR4 | MCLR-Y + 4.95% i.e. 13.75% | |
| f. MRBCR5 | MCLR-Y + 5.2% i.e. 14% | |
| D. HOUSING LOAN SCHEME | ||
| MRB HOUSING LOAN SCHEME (FLOATING) (Irrespective of amount and repayment period) | MCLR-Y + 0.2% i.e. 9% | LA304,LAAHL |
| Note: For MRB Staff Housing Loan Scheme applicable rate of interest shall be 8% per annum (fixed) | LA007,LA006 | |
| E. Loan to SHG (Floating) | CC102,CC103, LA222,LA405 |
|
| i. Loan limit upto Rs.50000/- | MCLR-Y + 2.2% i.e. 11% | |
| ii. Loan Limit above Rs.50000/- to Rs.200000/- | MCLR-Y + 2.7% i.e. 11.5% | |
| iii. Loan Limit above Rs.200000/- to Rs.1000000/- | MCLR-Y + 3.2% i.e. 12% | |
| iv. Loan Limit above Rs.1000000/- to Rs.2500000/- | MCLR-Y + 3.7% i.e. 12.5% | |
| v. Limit above 25.00 lacs | ||
| a. MRBCR0 | MCLR-Y + 2.2% i.e. 11% | |
| b. MRBCR1 | MCLR-Y + 2.7% i.e. 11.5% | |
| c. MRBCR2 | MCLR-Y + 3.2% i.e. 12% | |
| d. MRBCR3 | MCLR-Y + 3.7% i.e. 12.5% | |
| e. MRBCR4 | MCLR-Y + 4.2% i.e. 13% | |
| f. MRBCR5 | MCLR-Y + 5.2% i.e. 14% | |
| Note: In case of loans up to Rs.3.00 lakh sanctioned to NULM/NRLM (Imphal East and Chandel District) complaint women SHGs the applicable rate of interest shall be 7.00% (fixed). In case the borrower fails to repay the loan installments in time and the account becomes overdue, normal rate of interest as mentioned in the above table shall be applicable. | ||
| F. Loan to Anganwadi workers & Helpers | MCLR-Y + 4.2% i.e. 13% | LA519 |
| G. Loan against own Term deposits of the bank | LA602,OD002 ,LA008 |
|
| i. Loan to deposit holder | 1% above interest on concerned deposit | |
| ii. Loan against third party deposit having minimum margin 25% | 2% above interest on concerned deposit subject to minimum of MCLR-Y | |
| H. Loan against NC,KVP,IVP and LICI policy | MCLR-Y + 3.2% i.e. 12% | LA403 |
| I. Personal Loan/ Consumer durable loan | MCLR-Y + 4.2% i.e. 13% | LA508, LA518 |
| J. MRB car loan | ||
| i. Staff | MCLR-Y + 0.7% i.e. 9.5% | LASCL,LA005 |
| ii. Other than staff | MCLR-Y + 1.2% i.e. 10% | LA506 |
| K. Clean Overdraft | ||
| i. Staff | MCLR-Y + 0.7% i.e. 9.5% | OD101 |
| ii. Other than staff | MCLR-Y + 6.2% i.e. 15% | OD001 |
| L. Loan to landlord of Branch Premises | MCLR-Y + 4.2% i.e. 13% | LA502 |
| M. Education Loan | LAEDU | |
| i. Upto Rs.7,50,000/- | MCLR-Y + 2.7% i.e. 11.5% | |
| ii. Above Rs.7,50,000/- | MCLR-Y + 2.2% i.e. 11% | |
| iii. Concession for girl student | 0.50% from card rate | |