Kerala Gramin Bank FD Rates
Kerala Gramin Bank offers a wide variety of fixed deposit schemes with competitive interest rates that range from 3.25% p.a. to 7.15% p.a. for deposits more than Rs.5 lakh up to Rs.1 crore.
Tenures are flexible and range from one week and up to 10 years. The bank offers 0.50% additional rate of interest to senior citizens for deposits up to Rs.15 lakh.
Kerala Gramin Bank FD Interest Rates for Domestic and NRO Term Deposits Less Than Rs.1 Crore
The term deposit interest rates for KGB Domestic and NRO term deposit are as follows (w.e.f. 20 September 2021):
Tenure | For General Public (p.a.) | For Senior Citizens (p.a.) |
7 days to 14 days | 3.25% | 3.75% |
15 days to 90 days | 4.00% | 4.50% |
91 days to 179 days | 4.75% | 5.25% |
180 days to 269 days | 5.75% | 6.25% |
270 days to 344 days | 5.75% | 6.25% |
345 days (KGB Dhanam 345 Scheme) | 6.00% | 6.50% |
346 days to less than 1 year | 5.75% | 6.25% |
1 year only | 6.00% | 6.50% |
Above 1 year to less than 3 years | 6.75% | 7.25% |
3 years and above up to below 5 years | 7.00% | 7.50% |
5 years and above up to 10 years | 7.15% | 7.65% |
KGB Dhanam 345 Retail Fixed Deposit Interest Rates - Domestic and NRO:
This scheme is applicable for deposits ranging from Rs.5,000 to Rs.14,99,999.
For General Public (p.a.) | For Senior Citizens (p.a.) |
6.00% | 6.50% |
Note: The interest rates for this scheme are effective from 05 December 2022.
Gramin Tax Saver (GTS) Fixed Deposit Interest Rates:
The Gramin Tax Saver FD you to avail a tax exemption for an investment of up to Rs.1.5 lakh (in one financial year) as per Section 80C of the Income Tax Act, 1961. The interest rate for this scheme effective from 05 December 2022 is given below:
Tenure | For General Public (p.a.) | For Senior Citizens (p.a.) |
5 years | 7.15% | 7.65% |
KGB NRO Term Deposit Interest Rates:
The interest rates for NRO term deposits effective from 05 December 2022 are as follows:
Tenure | For General Public (p.a.) |
7 days to 14 days | 3.25% |
15 days to 90 days | 4.00% |
91 days to 179 days | 4.75% |
180 days to 269 days | 5.75% |
270 days to 344 days | 5.75% |
345 days | 6.00% |
346 days to less than 1 year | 5.75% |
1 year only | 6.00% |
Above 1 year to less than 3 years | 6.75% |
3 years and above up to below 5 years | 7.00% |
5 years and above up to 10 years | 7.15% |
KGB NRE Term Deposit Interest Rates:
These are the NRE interest rates effective from 05 December 2022.
Tenure | Interest Rates (p.a.) |
Only for one year | 6.00% |
Above 1 year to less than 3 years | 6.75% |
3 years and above to less than 5 years | 7.00% |
5 years and above up to 10 years | 7.15% |
Features & Benefits of Gramin Bank Fixed Deposits:
- Allows to open deposit for tenure ranging from seven days up to 10 years.
- Allows to pay interest on monthly/quarterly/half-yearly basis.
- Allows premature closure with the penalty of 1% on the applicable rate of interest for the corresponding period for which the deposit remained with the bank.
- Allows Nomination facility.
- Allows loan against deposit up to prescribed limit.
- Allows auto-renewal of fixed deposit.
- Allows deposit as small as Rs.1000 with no upper limit.
Eligibility criteria for Gramin Bank Fixed Deposits:
- The applicant should be above 18 years of age.
- The applicant should be an Indian resident.
Document required for Gramin Bank Fixed Deposits:
The following documents are required to apply for the Gramin Bank Fixed Deposit:
- Address proof: Aadhar card, PAN card, Voter ID, etc.
- Identity proof: Ration card, Electricity bill, etc.
- Passport size photographs.
Calculating Kerala Gramin Bank FD Interest Rates
Calculating how much your fixed deposit amount will be on maturity will help you plan ahead and also compare fixed deposit rates for different tenures so that you can choose the one that will fetch you the highest interest rate and thus, the highest maturity amount. This can easily be done using the online FD calculator which is free, reliable, accurate, and quick to generate results.
Here's an example to understand this better:
To do a comparison using the free online FD calculator, if you invest Rs.1 lakh in a fixed deposit account with Kerala Gramin Bank FD for just one year, with the current rate of interest for that tenure being 5.05% p.a. for the general public, (and assuming that you are below the age of 60) your amount on maturity will be Rs.1,05,050, with the interest component being Rs.5,050.
If you choose a tenure of 5 years for the same amount, with the current rate of interest being 5.40% p.a. for that tenure, your amount on maturity will be Rs.1.3 lakh with the interest earned being Rs.30,078.
FAQs on Kerala Gramin Bank FD Rates
- What is the highest and lowest rate of interest on FD schemes by the Gramin Bank?
The lowest rate of interest on KGB FD is 3% p.a. and the highest rate of interest on KGB FD 7.15% p.a.
- What is the special rate of interest for senior citizens?
The senior citizens get an additional interest benefit of 0.50% on fixed deposits.
- Will I get the same interest rate if I prematurely close my Kerala Gramin Bank FD?
Kerala Gramin Bank allows for premature closure of FD at any point in the tenure with a penalty of 1% on the rate of interest applicable for the period for which the deposit was invested with the bank.
- Do I have to pay TDS for Kerala Gramin Bank Tax Saver FD?
Yes, TDS is applicable for all tax-saver fixed deposit accounts.
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