Gramin Bank Fixed Deposit
The Kerala Gramin Bank (KGB), which is an amalgamation of North Malabar Gramin Bank and South Malabar Gramin Bank, was set up in 2013 under the Regional Rural Bank (RRB) Act 1976. With an aim to be one of the ‘socially committed’ banks, KGB offers a wide range of financial products, including various Fixed Deposit (FD) schemes. Gramin Bank Fixed Deposits pay depositors a good rate of return and are a safe way to earn a higher rate of interest.
Given below is the updated list of FD rates for regular and senior citizens:
| Tenure | Regular Interest Rate (per annum) | Senior Citizen Interest Rate (per annum) |
|---|---|---|
| 7 days to 60 days | 5.50% | 6.00% |
| 61 days to 90 days | 5.75% | 6.25% |
| 91 days to 179 days | 6.50% | 7.00% |
| 180 days to 221 days | 6.75% | 7.25% |
| 222 days | 7.25% | 7.75% |
| 223 to 364 days | 6.75% | 7.25% |
| 365 days | 7.10% | 7.60% |
| More than 1 year to less than 2 years | 6.90% | 7.40% |
| 2 years to less than 5 years | 6.80% | 7.30% |
| 5 years to 10 years | 6.40% | 6.90% |
*The below-mentioned rates are for deposits that are of less than Rs.1 crore
Gramin Bank short-term FD rates
- There are a lot of options for depositors who want to put money in an FD for a short period of time.
- The fixed deposit interest rate offered by the bank is very competitive for all deposit tenures
- The interest offered ranges from a minimum of 5.50% p.a. to 6.75% p.a. for tenures that range from a minimum of 7 days to less than 1 year.
- Investors can gain 5.50% p.a. if they choose to invest for durations of 7 days to 14 days, 15 days to 30 days, 31 bdays to 45 days and 46 days to 60 days.
- The highest rate of interest paid is 7.25% p.a. for a duration of 222 days under the KGB Nidhi deposit scheme
- The second best rate of interest paid is 6.75% p.a. for a tenure that ranges from 223 days to less than 1 year
- An interest rate of 6.50% p.a. can be gained for investing in a period that is anywhere from 91 days to 179 days
Gramin Bank medium-term FD rates
- The highest rate of interest paid for this type of deposit scheme is 7.10% p.a., for a tenure of exactly 1 year
- An interest rate of 6.90% p.a is paid to those whose who invest money for more than 1 year to less than 2 years
- An interest rate of 6.80% p.a. can be fetched for a tenure that ranges from 2 years to less than 5 years
Gramin Bank long-term FD rates
- Long-term FDs are generally for those who have saved up a certain amount of cash and want to keep it in a safe deposit and earn good returns
- The rate of interest offered on all Gramin Bank long-term deposits is 6.40% p.a.
- Investors can choose to invest either in a tenure from 5 years to less than 8 years or 8 years to 10 years
- Those seeking tax benefits can choose to go for the tax saver FD scheme through which a deduction of up to Rs.1.5 lakh can be claimed under Section 80C of the Income Tax Act
Gramin Bank senior citizen FD Rates
- All those who are 60 years and above will fall in the senior citizen age bracket and will consequently get a higher interest rate
- The rate of interest paid to senior citizens by Gramin Bank ranges from 6.00% p.a. to 7.60% p.a.,
- The highest rate of interest that is paid by the bank is 7.75% p.a. For a duration of 22 days
- The second highest rate of interest that is paid is 7.60% p.a. for a tenure of 1 year
- Pensioners can fetch an interest rate of 7.40% p.a. for a tenure that ranges from more than 1 year to less than 2 years
- A bank rate of 7.30% p.a. can be gained for an investment period that is anywhere from 2 years to less than 5 years
Know more about Gramin Bank FDs
How to Apply: To apply for a Gramin Bank FD online you will have to have an active internet banking account. This can also be done by visiting the nearest bank branch.
NRO & NRE FDs: Customers who are not residing in the same country also have the option to invest in NRO and NRE deposits. These pay interest at an attractive interest rate.
