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 CIRCULAR TO ALL BRANCHES / OFFICES

Bank of India Resource Mobilisation Department

Head Office
Branch Circular No. : 116/ 251 Sub: Deposits/2022-23
Sub-subject: Interest Rates/08
Ref: HO: RM: SS: 257 Date — 09.01.2023

Revision in Interest Rates

On Domestic, NRO & NRE Rupee Term Deposits- w.e.f. 10.01.2023

Please refer to Branch Circular no 116/227 dated 15.12.2022 with regard to revision
in rate of interest on Domestic Rupee Term Deposits w.e.f. 16.12.2022.

2. As per the ALCO directions in the meeting dated 09.01.2023 and as advised by the
Risk Management Department, the Rate of Interest for "Deposits of less than Rs.2 Cr" is
being revised w.e.f. 10.01.2023, as per details given in Table-I.

3. Any fresh deposit as well as renewal of deposit of Rs.10 Cr and above (in any
maturity bucket) under Domestic as well as NR Segments should only be done with
specific approval of Treasury Branch, Head Office.

4. Before quoting the Rate of Interest on Term Deposits to the Prospective

Depositors, branches should adhere to the following guidelines (Please refer Circ. Letter
No. 2014-15/95 dated 26.09.2014).

The quote must contain following terms without exception:

i. The Rate of Interest quoted is subject to change from time to time without
notice.
ii. The Rate of Interest applicable would be that prevailing on the date of
realization of cheque / remittance proceeds for Term Deposits.

5. NO SPLITTING OF DEPOSITS: Splitting of Deposits means Multiple Term Deposits

made on the Same value date with Same Maturity Period in Single Customer Id
regardless of scheme code. Splitting of Term Deposits in such a way to result in
accommodation / undue benefit to the customer causing loss to the Bank would be treated
as a serious lapse on part of the concerned officials which may result in examination of Staff
Accountability I recovery of interest.

HEAD

Revision in Interest Rates on Domestic, NRO & NRE Rupee Term Deposits- w.e.f .10.01.2023 (7th Br. Circ)
 6. Eligibility of Additional Rate of Interest on Term Deposits of Individual Customers
Applicable to Domestic Rupee Term Deposits
Sr Parameters Additional Rate of Interest
1 Deposits by Senior Additional rate of interest of 0.50% on deposits of Senior Citizens below Rs. 2 Crore
Citizens (Including and for the maturities of 6 months & above upto 10 years with minimum deposits of
Senior Citizen Staff / Rs.5000/- (installment amount of Rs.100/- in case of Normal Recurring Deposits and
Ex-staff) Rs 1000/- in case of Flexi Recurring Deposit accounts). However for deposits of 3 yrs
& above, the additional ROI should be given at 0.75% over & above normal ROI.
Please note that the age of the first account holder should be 60 Years and above
at the time of placing/renewal of the deposit.
2 Deposits by Staff & Ex- Staff & Ex-staff in individual capacity, will get additional interest of 1% p.a. over &
staff above as applicable to general customers. In Case of joint accounts, first account
holder must be Staff /Ex-Staff and the Employee Id of the concerned Staff/Ex-
Staff must be entered in the Cust Id linked to the Term Deposit Account. The
additional interest of 1% p.a. is not applicable for the Staff retired compulsorily or
resigned/dismissed/ terminated / removed from the Bank. Eligible senior citizen
Staff/Ex-staff will get both the rates applicable to senior citizen as well as Staff/Ex-
staff.
3 Deposits under Star Eligible for additional rate applicable to Senior Citizen, Staff/Ex-Staff, Staff / Ex-Staff
Sunidhi Deposit Scheme Senior Citizens (Maximum deposit amount Rs.1,50,000/-)
4 Capital Gain Account Not Eligible for additional rate of interest as applicable to Senior Citizens / Staff /
Scheme, 1988 Ex-Staff members.
5 Deposits by HUF Not Eligible for additional rates as applicable to Senior Citizens / Staff / Ex-Staff
Accounts & other Non- members.
Individuals entities
6 Deposits under NR Not Eligible for additional rates as applicable to Senior Citizens / Staff / Ex-Staff
Deposits (NRE/NRO) members.

Exceptional Cases —
Apart from above, in the following exceptional cases also additional rate of interest as
applicable to individual staff/ex-staff may be extended.
1. Spouse of deceased Staff/Ex-Staff
2. Retired Staff who have taken VRS (including VRS prior to finacle)
3. An association or a fund of Staff members (not of Ex-Staff members)
4. Any other valid reason not mentioned above but account is eligible for additional ROI
The identified users in each Zone who have been authorized for value date account opening of
TDR will also be allowed to update the Rate of Interest through "HINTTM", in the exceptional cases
mentioned above, by confirming the facts for which the additional Rate of Interest has been
requested by the Branch upon specific approval of competent authority.
Related Branch Circulars
Senior Citizens - Br.Circ No. 104/162 dated 30.03.2011
- Br. Circ No. 107/68 dated 08.07.2013
- Br. Circ. No. 108/140 dated 13.10.2014
- Circular letter No.2015-16/153 dated 16.12.2015
- Circular letter No.2016-17/137 dated 06.03.2017
- Br. Circ. No. 112/17 dated 04.05.2018
Staff / Ex-Staff - Br Circ No. 104/055 dated 09.08.2010
- Circular letter No.2016-17/137 dated 06.03.2017
- Circular letter No.17-18/85 dated 17.11.2017
Star Sunidhi Deposit Scheme - Branch Circular No. 100/90 dated 01-09-2006
- Circular letter No.14-15/85 dated 03.09.2014
Capital Gain Account Scheme,1988 - Br Circ No. 82/137 (Sub-Deposit) dated 23.6.1988
- Br Circ No. 82/206 (Sub-Deposit) dated 26.9.1988
- Circular Letter No.2005-06/49 dated 9.8.2005
- Circular Letter No. 2008-09/165 dated 3.3.2009
- Branch Circular No.109/51 dated 25.05.2015
Non-Callable Deposits - Br.Circ No. 110/198 dated 31.12.2016 (Scheme
Discontinued w.e.f. 10.07.2017)
vised MIC/QIC schemes - Circular letter No.2016-17/138 dated 09.03.2017
„
HEAD
OF
iver of Penalty on Government deposits - Circular letter No.2016-17/8 dated 27.04.2016

Revision in Interest Rates on Domestic, NRO & NRE Rupee Term Deposits- w.e.f .10.01.2023 (7th Br. Circ)
 7. Premature withdrawal of Domestic / NRO / NRE Rupee Term Deposits:-
Please refer the Annexure for detailed guidelines in this regard.

8. The modified interest rates for deposits of "Deposits of less than Rs.2 Cr" w.e.f.
10-01-2023 are given in Table I below.

Revised Rates for Domestic, NRO & NRE Rupee Term Deposits w.e.f. 10.01.2023 (% p.a.)
Table I

For deposits of Rs.2 Cr

For Deposits of Less
& above but less than
Maturitys than Rs. 2 Cr
Rs.10 Cr
5(For NRE Rupee Term Deposits, min.
tenor is 1 Year and Max. 10 Years) Existing Revised Existing
No
w.e.f w.e.f w.e.f
Change
16.12.2022 10.01.2023 20.08.2022
07 days to 14 days 3.00* 3.00* 4.50 4.50
15 days to 30 days 3.00 3.00 4.50 4.50
31 days to 45 days 3.00 3.00 4.50 4.50
46 days to 90 days 4.50 4.50 4.75 4.75
91 days to 179 days 4.50 4.50 5.25 5.25
180 days to 269 days 5.00 5.00 5.40 5.40
270 days to less than 1 Year 5.50 5.50 5.40 5.40
1 Year to less than 2 Years
6.00 6.00 6.25 6.25
(except 444 Days)
444 days 6.75 7.05 6.25 6.25
2 Years to less than 3 Years 6.75 6.75 4.50 4.50
3 Years to less than 5 Years 6.50# 6.50# 4.50 4.50
5 Years to less than 8 Years 6.00# 6.00# 4.50 4.50
8 years & above to 10 Years 6.00# 6.00# 4.50 4.50
*Minimum Deposit Rs.1 Lakh

# Additional rate of interest of 25 bps, over & above the existing 50 bps will be paid to Senior
Citizen on their retail TDs (Less than Rs. 2 Cr) for all the tenors of 3 Years & above i.e. 75bps.

Please note
• No TDR should be opened other than above tenors.
• Further, as per RBI directions, branches must refrain from opening any non-
interest bearing TDR accounts without any exception.

For Deposits of Rs. 10 Crs & above :-

Branches are advised to invariably contact

Treasury Branch- HO, for rate of interest on
deposits of Rs. 10 Crs & above for fresh as well as
renewal of existing deposits.
• The auto renewal flag of all new deposits of Rs. 10 Crs & above has been
disabled. Branches are advised to invariably contact Treasury Branch, Head
Office before renewal of all such deposits

Revision in Interest Rates on Domestic, NRO & NRE Rupee Term Deposits- w.e.f .10.01.2023 (rh Br. Circ)
 9. Effective Annualized Rate of Return (Indicative only): In keeping with Reserve Bank
of India guidelines to provide information on effective annualized rate of return on deposits
of various maturities, we give in Table II below the effective annualized rates of return on
Bank's cumulative deposit schemes, under the Re-investment Plan, on quarterly
compounding basis.

10. Please ensure to display the interest rate structure and effective annualized rate of
return on Branch Notice Board for the information of customers/general public.
Table II
Effective Annualized Rate of Return (Indicative only) w.e.f. 10.01.2023 (% p.a.1

For deposits less than Rs.2 For deposits of Rs.2 Cr &

Cr above but less than Rs.10 Cr
Rate of Annualized Rate of Rate of Annualized Rate of
Maturity Interest Return at minimum Interest Return at minimum
(p.a.) of the maturity % (p.a.) of the maturity
*
bucket % * bucket
180 days to 269 days 5.00 5.03 5.40 5.44
270 days to less than 1 Year 5.50 5.58 5.40 5.47
1 Year to less than 2 Years 6.40
6.00 6.14 6.25
(except 444 Days)
444 days 7.05 7.24 6.25 6.40
2 Years to less than 3 Years 6.75 7.16 4.50 4.68
3 Years to less than 5 Years 6.50 7.11 4.50 4.68
5 Years to less than 8 Years 6.00 6.94 4.50 4.68
8 years & above to 10 Years 6.00 7.63 4.50 4.79
* All annualized rate of return are rounded off to nearest two decimal places.

Please note that this is the 7th Branch Circular for the FY 2022-23 relating to revision in
interest rates on Domestic, NRO & NRE Rupee Term Deposits.

( u Dev)
General Manager

I 5..1411.

HEAD
ors,

Revision in Interest Rates on Domestic, NRO & NRE Rupee Term Deposits- w.e.f .10.01.2023 (r h Br. Circ)
 Annexure

Latest Guidelines for Penalty on Domestic/NRO/ NRE Rupee Term Deposits

Penalty applicable for premature withdrawal of Fresh/Renewed Domestic/NRO/ NRE Rupee
Term Deposits w.e.f.01.04.2016 (Circular letter no.15-16/215 dt.29.03.16)
Deposits ess than Rs.5 Lakhs Deposits for Rs. 5 ALL NRE Term
Withdrawn on or after Withdrawn prematurely before Lakhs & above Deposits — No
completion of 12 completion of 12 months (except withdrawn interest payable if
months NRE Term Deposits) prematurely withdrawn before
NIL 0.50% 1.00% 12 Months

Refer Circular Letter no. 2016-17/8 dated 27.04.2016 for clarifications on penalty on Govt. Deposits.
Previous Circulars on Penalty (for ready reference):

A) Premature withdrawal of Domestic / NRO Rupee Term Deposits:-

i. Penalty on premature withdrawal of Domestic Rupee Term Deposits for all fresh and
renewed deposits of Rs.1 Cr & above was waived vide Branch Circular No.98/206 dt.
10.01.2005 w.e.f.01.01.2005.
ii. In order to give boost to deposit mobilization penalty was waived vide Branch Circular
No.98/258 dt.31.03.2005 for all fresh and renewed Domestic Rupee Term deposits of Rs. 25
Lakhs and above w.e.f.01.04.2005.
iii. Penalty on premature withdrawal of Domestic Rupee Term Deposits was waived vide Branch
Circular No.102/153 dt.29.11.2008 for all fresh and renewed deposits w.e.f. 01.12.2008
iv. Penalty on premature withdrawal of Domestic Rupee Term Deposits of Rs.1 Cr & above was
imposed vide Branch Circular No. 105/58 dt.25.06.201I for the deposits received/renewed
on or after 27.06.2011.
v. As per Branch Circular No. 105/196 dt. 21.03.2012, the penalty for premature withdrawal of
Domestic Rupee Term Deposits was waived on all fresh and renewed deposits.
vi. Clarification about applicability of penalty clause was circulated vide Branch Circular No.
106/110 dt.05.10.2012, which is applicable for the New/Renewed deposits up to 31.03.2016.
vii. In case of premature withdrawal, "the applicable rate of interest on the date of acceptance of
deposit for the actual period which the deposit has remained with the bank or contracted rate
of interest whichever is LOWER shall be applicable." No interest will be paid for premature
withdrawal below 7 days in case of term Deposits and below 3 months in case of recurring
deposits.
B) Premature withdrawal of NRE Rupee Term Deposits:-

I. If the NRE deposit has not run for a minimum stipulated maturity (presently twelve months)
no interest is payable.
II. For Term Deposits opened / renewed on or after 09.02.2015 - There was a penalty of 1%
on premature withdrawal of NRE TD for 1 year and above (Br. Cir. No. 92/98 dtd 7/10/1998).
However, Penalty on NRE TD for 1 year and above had been waived w.e.f. 09.02.2015
(Circular Letter no. 14-15/182 dt.10.02.2015) till 31.03.2016.
Please Note that the waiver/ levy of penalty on premature withdrawal is applicable for all fresh
/ new or renewed Domestic/ NRO/ NRE Rupee Term Deposits (as applicable) from the date of
effect of such waiver/levy of penalty. It implies that the rule applicable on the date of
accepting of deposit shall continue till the tenor of the DomesticINROINRE Rupee Term
Deposits.

HEAD
OFFI C E

Revision in Interest Rates on Domestic, NRO & NRE Rupee Term Deposits- w.e.f .10.01.2023 (7' Br. Circ)