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:

*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 3.50% p.a. to 5.80% p.a. for tenures that range from a minimum of 7 days to less than 1 year.
• The highest rate of interest paid is 5.80% p.a. for investing the money for a period that ranges between 180 days and less than a year.
• The second best rate of interest paid is 5.50% p.a. for a tenure that ranges between 121 days and 179 days.

Gramin Bank medium-term FD rates

• The highest rate of interest paid for this type of deposit scheme is 6.10% p.a., for a tenure of exactly 1 year.
• An interest rate of 6.00% p.a is paid to those whose who invest money for a period that ranges between 1 year 1 day and 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 5.90% p.a.
• Investors can choose to invest either in a tenure from 5 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 4.00% p.a. to 6.60% p.a.,
• The highest rate of interest paid to senior citizens by the bank is 6.60% p.a.
• The second highest rate of interest paid is 6.60% p.a. for a tenure of 1 year

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.