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Kerala Gramin Bank FD Interest Rates

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Updated: 11-11-2024 06:04:51 AM

Kerala Gramin Bank (KGB) offers FD interest rates of 3.75-7.45% p.a. to senior citizens and of 3.25-7.95% p.a. to other depositors on tenures ranging from 7 days to 10 years. The interest rate on Gramin Tax Saver (GTS) FDs is 7.00% p.a. for senior citizen depositors and 6.50% p.a. to other depositors for tenures of 5 years. The bank also offers two fixed deposit products for NRIs – NRO fixed deposits and NRE fixed deposits.

Kerala Gramin Bank Fixed Deposit Rates Highlights 2024

Highest slab rate 7.45% p.a. (666 days)
For 1 year 6.25% p.a.
For 2 years 6.75% p.a.
For 3 years 6.75% p.a.
For 4 years 7.00% p.a.
For 5 years 6.50% p.a.
Tax-Saving FD 6.50% p.a.

The interest rates are updated as of 11 November 2024

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KGB Bank FD Interest Rate

KGB Bank Fixed Deposit Rates on Domestic/NRO Deposits of less than Rs 1 crore w.e.f. 2 September 2024

Tenure (Days/Years) Interest Rates (% p.a.)
Regular Rates Senior Citizens Rates
7 – 14 days 3.25 3.75
15 – 90 days 4.00 4.50
91 – 179 days 4.75 5.25
180 – 269 days 5.75 6.25
270 days – less than 1 year 5.75 6.25
1 year 6.25 6.75
Above 1 year to less than 15 months 6.90 7.40
15 months and up to 554 days 6.75 7.25
555 days only 7.40 7.90
556 days to 3 years 6.75 7.25
Above 3 years up to less than 5 years 7.00 7.50
5 years to 10 years 6.50 7.00
666 days (exclusively for women) 7.45 7.95

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KGB FD Rates on NRE deposits of less than Rs 1 crore w.e.f. 2 September 2024

Tenure (Days/Years) Interest Rates (% p.a.)
1 year 6.25
Above 1 year to less than 15 years 6.90
15 months and up to 554 days 6.75
555 days 7.40
556 days to 3 years 6.75
Above 3 years to less than 5 years 7.00
5 years to 10 years 6.50
666 days (exclusively for women) 7.45

Types of Kerala Gramin Bank (KGB) FD Schemes

Regular Fixed Deposits

  • Minimum deposit amount- Rs 1,000
  • Tenure – 7 days to 10 years
  • Depositors can opt for either a monthly, quarterly, or half-yearly interest pay-out option
  • Depositor can avail auto-renewal and nomination facilities on their fixed deposits

KVD – Cumulative Deposit (Re-investment plan)

  • Minimum deposit amount – Rs 1,000
  • Tenure – 1 year to 10 years (in multiples of 3 months)
  • This scheme allows reinvestment of the interest component to the deposit amount. This helps in deriving the power of compounding.
  • Nomination and auto-renewal facilities are available

Senior Citizen Fixed Deposits

  • Minimum deposit amount- Rs 1,000
  • Tenure – 7 days to 10 years
  • Additional 0.50% p.a. interest rate is offered to senior citizen FD accountholders
  • Interest pay out option on regular fixed deposits – monthly, quarterly and half-yearly
  • In case of KVD (cumulative) deposits, interest is paid at the time of maturity on quarterly compounding basis
  • Depositors can also avail nomination and auto-renewal facilities

Gramin Tax Saver (GTS) Deposits

  • Under Tax Saver FD scheme, deposits are eligible for a tax deduction of up to Rs 1.5 lakh under Section 80C in each financial year
  • Tenure – 5 years
  • Depositor can avail nomination facility
  • Auto renewal facility is not available

NRE Fixed Deposits

  • Minimum deposit amount- Rs 1,000
  • Tenure – 1 year to 10 years
  • Depositor can opt for either opt for monthly, quarterly or half-yearly interest pay-out option
  • Both, nomination and auto renewal facility is available to depositor

NRO Fixed Deposits

  • Minimum deposit amount- Rs 1,000
  • Tenure – 1 year to 10 years
  • Interest pay out option – Monthly, quarterly and half-yearly
  • Depositors can auto-renew their fixed deposits
  • Nomination facility is also available to accountholders

Loan Against Fixed Deposits

  • Loan against FD facility is available on cumulative deposits, regular FDs and senior citizen FDs and NRE deposits.
  • Interest rate is charged @ 2% above the fixed deposit rate
  • The loan limit will be on the basis of the residual maturity duration of their FDs
  • Depositors cannot avail loan against fixed deposits on Tax saver FDs.

Premature Withdrawal on Fixed Deposits

  • Premature withdrawal of FD is allowed on regular FDs, cumulative deposits, senior citizen deposits and NRE deposits except Gramin Tax Saver Deposit scheme
  • Penal rate is 1% on the applicable interest rate for the corresponding tenure for which the deposit remained with the bank.

 

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