Assam Gramin Vikash Bank was formally launched on the 12th of January 2006. It is an malgamation of Pragjyotish Gaonlia Bank, Lakhimi Gaonlia Bank, Cachar Gramin Bank and Subansiri Gaonlia Bank, all sponsored by United Bank of India.

About ourselves

The idea of Regional Rural Banks (RRBs) was mooted by the Govt. of India in the year 1975 to bring about the desired uplift of the rural economy and accordingly promulgated an Ordinance...


 
 
 

Rate of Interest

Revision of Rate of Interest on Term Deposits w.e.f. 01.09.2017
The Rates of Interest on Term Deposits of the Bank have been revised as follows. The revised rates will be effective from 01.09.2017

 

PERIOD OF DEPOSIT

EXISTING
w.e.f 22.03.2017

Revised
w.e.f. 01.09.2017

Upto Rs 1.00 Crore

Above Rs 1.00  crore

Upto Rs 1.00 Crore

Above Rs 1.00  crore

7 days to 14 days **

4.00

4.10

4.00

4.00

15 days to 29 days

4.00

4.10

4.00

          4.00

30 days to 45 days

4.00

4.10

4.00

          4.00

46 days to 60 days

4.00

4.25

4.00

4.00

61 days to 90 days

4.50

4.25

4.50

4.50

91 days to 180 days

5.00

4.25

5.00

4.50

181 days to 269 days

5.75

5.00

5.75

          4.50

270 days to less than 1 year

6.25

5.00

6.25

4.25

1 Year

  6.75*

5.00*

 6.50*

5.00*

Above 1 year to less than 2 years

  6.75*

5.25*

 6.50*

4.35*

2 years to less than 3 years

  6.75*

5.50*

6.25*

4.25*

3 years to less than 5 years

  6.50*

5.50*

6.25*

4.25*

5 years and above

  6.50*

5.50*

6.25*

5.50*

Tax Savers Term Deposit

          6.00*

X

6.00*

X

Majoni Deposit Scheme

          6.00

X

           6.00

X



*Additional rates of interest of 0.50 % applicable for senior citizens for deposits of 1 year and above.
**For bulk deposits (Rs.15.00 lakh and above)

Aforementioned rates will be applicable to fresh deposits as well as on renewal of matured deposits and rates are subject to revision at any time.

Additional interest at the following rates may be allowed to the depositors belonging to the categories mentioned below.

i) Staff                                            : 1.00% over normal rate
ii) Ex-Staff (Senior Citizen)               : 1.50% over normal rate


Penal charges for pre-mature withdrawal of Term deposits:


i) Deposits remained with the Bank for less than 07 days                         :  No interest payable
ii) Premature closure of Term Deposits for re-investment in our Bank
for a period not less than the remaining term of the original deposit         :  Nil

Revision of Rates of Interest on Savings Bank Accounts w.e.f. 01.09.2017

The Rates of Interest on Savings Bank Accounts have been revised as follows. The revised rates will be effective from 01.09.2017

Type of Deposits

Existing

Revised
w.e.f. 01.09.2017

Upto Rs 5.00 Lacs
Above Rs 5.00 Lacs

Savings Bank Accounts

4.00%

3.50%

4.00%


Note: Additional interest rate of 1.00 % per annum will be paid to employees / retired employees and spouses of deceased employee or retired deceased employee.

Ex-employees who were compulsorily retired, dismissed or removed from bank’s services as a measure of disciplinary action or even resigned from bank’s services will not be eligible to the above benefits.



Rate of Interest Chart on various categories of Loans and Advances linked with MCLR-Y (8.90%)

MCLR internal benchmark rate for different maturities


Sl No.

Applicable MCLR Benchmark

Applicable MCLR

1

MCLR-D(Overnight MCLR)

8.70%

2

MCLR-M(1 month MCLR)

8.75%

3

MCLR-Q(3 months MCLR)

8.80%

4

MCLR-H(6 months MCLR)

8.85%

5

MCLR-Y(1 Year MCLR)

8.90%



MCLR internal benchmark rate for different maturities

Sl No.

Loan Tenor

Applicable MCLR Benchmark

Applicable MCLR

1

Overnight-For one day

Overnight MCLR-i.e.MCLR-D

8.70%

2

Up to 1 month

1 month MCLR-i.e. MCLR-M

8.75%

3

Above 1 month & up to 3 months

3 months MCLR-i.e. MCLR-Q

8.80%

4

Above 3 months & up to 6 months

6 months MCLR-i.e. MCLR-H

8.85%

5

Above 6 month & up to 1 year

1 year MCLR-i.e. MCLR-Y

8.90%

6

Above 1 year

1 year MCLR-i.e. MCLR-Y

8.94%


Under MCLR regime, the spread includes (i) business strategy premium and (ii) credit risk premium. The spread on the rate of interest includes business strategy premium 50 bps. Any concession in the interest rate can be given by the appropriate sanctioning authority as per Bank’s extant guidelines only after maintaining the minimum business strategy premium of 5bps.


Sl No.

Category of Advances

Rate of Interest (Linked with MCLR-Y)

1

Term Loan/ Cash Credit (Non-schematic and Non-Priority)

a

Limit up to Rs. 25000/-

MCLR-Y+3.30% i.e. 12.20%

b

Limit over Rs. 25000/- and up to Rs. 5.00 Lakh

MCLR-Y+3.55% i.e. 12.45%

c

Limit over Rs. 5.00 Lakh and up to Rs. 25.00 Lakh

MCLR-Y+4.55% i.e. 13.45%

d

Aggregate limit over Rs. 25.00 Lakh(as per Credit Risk Rating)

i

AGVBCR- 0

MCLR-Y+3.05% i.e. 11.95%

ii

AGVBCR- 1

MCLR-Y+3.55% i.e. 12.45%

iii

AGVBCR- 2

MCLR-Y+4.05% i.e. 12.95%

iv

AGVBCR- 3

MCLR-Y+4.55% i.e. 13.45%

v

AGVBCR- 4

MCLR-Y+4.80% i.e. 13.70%

vi

AGVBCR- 5

MCLR-Y+5.05% i.e. 13.95%

2

Advance to MSME, SSI, RTO, PSEP [RTL/SBL(TL/CC) up to Rs.20.00 Lakh] etc.

a

Limit up to Rs.25000.00

At MCLR-Y i.e. 8.90%

b

>Rs25000.00 and up to Rs2.00 Lakh

MCLR-Y+1.35% i.e. 10.25%

c

>Rs2.00 Lakh and up to Rs5.00 Lakh

MCLR-Y+2.35% i.e. 11.25%

d

>Rs5.00 Lakh and up to Rs25.00 Lakh***

MCLR-Y+2.85% i.e. 11.75%

e

Limit above Rs.25.00 Lakh

As Per Rating

e

Limit above Rs.25.00 Lakh

As Per Rating

f

AGVBCR-0

MCLR-Y+2.10% i.e. 11.00%

g

AGVBCR-1

MCLR-Y+2.35% i.e. 11.25%

h

AGVBCR-2

MCLR-Y+2.85% i.e. 11.75%

i

AGVBCR-3

MCLR-Y+3.60% i.e. 12.50%

j

AGVBCR-4

MCLR-Y+4.10% i.e. 13.00%

k

AGVBCR-5

MCLR-Y+5.10% i.e. 14.00%

  *** For RTL/SBL with limit above Rs.20.00 Lakh will come under advance to Non Priority Sector.
As per RBI guidelines no collateral should be insisted upon for MSE loan up to Rs.10.00 Lakh. Accordingly, no concessional rate is applicable for MSE loans up to Rs.10.00 Lakh. However, for loan accounts above Rs. 10.00 Lakh, the additional discounts/ reductions in rate of interest based on % collateral security offered by the borrowing MSME units would as under:
Percentage collateral security offered
Discount/ Reduction ROI
(i)  75% and above up to 100% 0.25%
(ii)  Above 100%  

3

Loans Stand-Up India Scheme for financing SC/ST and/or Women Entrepreneurs

a

Limit up to Rs10.00 Lakh

MCLR-Y+2.30% i.e. 11.20%

b

Limit above Rs10.00 Lakh

MCLR-Y+3.00% i.e. 11.90%

4

Agricultural advances (TL/CC/KCC/NWR/*SHG/Rural Godown/Cold Storage/NGO/Micro Credit/ Handloom/ Weaver Group/and Finance to MFI)

a

Limit up to Rs.50000/-

MCLR-Y+0.30% i.e. 9.20%

b

>Rs.50000/- and up to Rs.2.00 Lakh

MCLR-Y+1.80% i.e. 10.70%

c

>Rs. 2.00 Lakh and up to Rs. 5.00 Lakh

MCLR-Y+2.80% i.e. 11.70%

d

>Rs. 5.00 Lakh and up to Rs. 10.00 Lakh

MCLR-Y+3.80% i.e. 12.70%

e

>Rs. 10.00 Lakh and up to Rs. 25.00 Lakh

MCLR-Y+4.55 %i.e. 13.45%

f

>Rs. 25.00 Lakhs and above

As per Credit Risk Rating

g

Agricultural Advances having limits above Rs.25.00 Lakh, applicable rate of interest as per Credit Risk Rating is as follows:

i

AGVBCR- 0 MCLR-Y+2.05% i.e. 10.95%

ii

AGVBCR- 1 MCLR-Y+2.80% i.e. 11.70%

iii

AGVBCR- 2 MCLR-Y+3.80% i.e. 12.70%

iv

AGVBCR- 3 MCLR-Y+4.55% i.e. 13.45%

v

AGVBCR- 4 MCLR-Y+5.05% i.e. 13.95%

vi

AGVBCR- 5 MCLR-Y+6.05% i.e. 14.95%
Note:

I. Bank will charge interest on all direct agricultural advances on half-yearly basis. However, interest on current dues, i.e. Crop Loans &Instalments not falling due in respect of Term Loans should not be compounded.

II. When Crop Loan or instalment under Term Loan becomes overdue, outstanding interest to be added to the principal and interest would be compounded. However, total interest debited to an account should not exceed the principal amount in respect of Short Term Agricultural Advances to Small & Marginal Farmers.

III. In case of Short Term Production Credit up to Rs.3.00 Lakh, the applicable Rate of Interest shall be 7% payable as per norms on due date. Branches will prepare half-yearly statement of actual disbursement/drawal of crop loan and calculate Interest Subvention @ 2.00% p.a. and submit to respective Regional Offices as per extant H.O. Circular. Concession in Rate of Interest by 3.00% for timely repayment of bank dues in terms of Government directives will also continue. However, if the loan is not repaid within the due date (overdue accounts with limit up to Rs.3.00 Lakh), normal rate of interest (MCLR linked loan quantum wise rate) for agricultural advances after due date till recovery will be applicable.

IV. *In case of financing to SHGs the Rate of Interest will be determined based on the quantum of loan to be availed by the individual members of the group i.e. Interest rate is to be fixed in terms of per capita finance.

V. In case of loans up to Rs.3.00 Lakh sanctioned to NRLM compliant women SHGs in the identified Category-I districts of Assam viz. Dhemaji, Hailakandi, Jorhat, Nagaon, Chirang, Tinsukia and Sonitpur, the applicable rate of interest shall be 7.00% (fixed). In case the borrower fails to repay the loan instalments in time and the account becomes overdue, normal rate of interest as mentioned in the above table shall be applicable. In all other districts (excluding Dhemaji, Hailakandi, Jorhat, Nagaon, Chirang, Tinsukia and Sonitpur) normal rate of interest shall be applicable as per table given above. Concession in Rate of Interest for prompt repayment of bank dues shall be available to NRLM compliant women SHGs in terms of Government Directives as circulated by HO time to time.


Sl. No.

Category of Advances

Rate of Interest (Fixed)

5

Special Rate of Interest for Bank’s own scheme under Priority Sector

a.

Asomi Jana Rin Achani

9.75%

b.

Asomi Bhumishri Yojana

11.75%

c.

Asomi Sulav Credit Card

11.75%

d.

Randhanjyoti Scheme

10.75%

e.

Urban Credit card

12.00%

f.

Asomi Farmer’s Credit Card

10.75%

g.

Asomi Mahila Mangal Yojana

11.75%

h.

Swarojgar Credit Card

10.75%

i.

Loan to ST-SHG under NSTFDC

6.00%

j.

Personal Loan to Farmers

11.75%

k.

Capital Investment Subsidy Scheme

As specified by Government

l.

AGVB Solar Energy Scheme

As per circular on the scheme

m.

Loan to Persons with disabilities under NHFDC Scheme

As per circular on the scheme

6

Loan under Retail Credit Scheme

a(i)

Asomi Grihashree Loan Scheme

At MCLR-Y i.e. 8.90%                                 

 a(ii)

AGVB Affordable Housing Loan Scheme

At MCLR-Y i.e. 8.90%                                 

Note: 
a) Loan for 2nd housing unit, additional 0.50%.
b) No loan will be extended for purchase of 3rd housing unit.
c) Housing loan up to Rs.20.00 lakh shall be under Priority Sector provided overall cost of the dwelling unit does not exceed Rs.25.00 Lakh.

b.

Car Loan

i

New Car- up to 84 months repayment period

MCLR-Y+0.55% i.e. 9.45%

ii

Used car- up to 60 months repayment period

MCLR-Y+1.05% i.e. 9.95%

c.

Two wheeler

i

Repayment period up to 36 months

MCLR-Y+1.40% i.e. 10.30%

ii

Repayment period more than 36 months

MCLR-Y+1.90% i.e. 10.80%

Note: 0.25% concession for Women Bank Mitras and 0.25% concession when 50% loan amount is covered by liquid security.

d.

Loan to Land Lord

      MCLR-Y+3.55% i.e. 12.45%

e.

Mortgage Loan

i

TL

MCLR-Y+1.90% i.e. 10.80%

ii

Overdraft

MCLR-Y+2.15% I.e. 11.05%

f.

Trade Credit

MCLR-Y+4.55% i.e. 13.45%

g.

Demand Loan

i

Loan Against face value of NSC/KVP/LIP/and surrendered value of LIP with minimum 10% margin:

A

TL

     MCLR-Y+1.85% i.e. 10.75%

B

OD

    MCLR-Y+2.85% i.e. 11.75%

ii

Loan Against Term Deposit with minimum 10% margin:

 

A

Loan to deposit holder (both TL and OD)

1% above the rate of interest on deposit

B

Loan against third party deposit having minimum margin 25% (both TL and OD)

2.5% above the rate of interest on deposit subject to minimum of MCLR

Note: i) In case of more than one deposit offered, higher rate of interest paid on deposits is to be taken for calculation of rate of interest on loan.

          ii) Employees of our Bank are to be treated at par with General Customers.


iii

Personal Loan Scheme:

1

AGVB Personal Loan

13.50% (fixed)

2

Premium Personal Loan

13.25% (fixed)


iv

Educational Loan

1

Up to Rs.7.50 Lakh

MCLR-Y+2.20% i.e. 11.10%

2

Above Rs.7.50 Lakh

MCLR-Y+2.15% i.e. 11.05%

Note: a)For Girl Students: 0.50% concession from card rate.
     b) One (1) % interest concession is allowed during moratorium period only if the interest is serviced monthly and regularly. However, where interest subsidy is claimed from Govt. Of India by the borrower, the question of servicing of interest does not arise. The amount deposited, if any, during the moratorium period, should be treated as repayment of loan and hence no further concession of 1.00 % will be allowed.
     c) The Rate Of Interest on this scheme will be on monthly and simple basis during the moratorium period and thereafter compounded.

v

Consumer Durable Loan

i

Individual

14.00% (fixed)

ii

Individual with 50% collateralisation

13.50% (fixed)

7

DRI

4% (fixed)

8

Ad hoc/Temporary facility

2% over and above normal rate of interest subject to a ceiling of MCLR+6%. In case of MSME rate of interest will be 1% more than the applicable rate.


Note:

1. Rate of interest on any scheme not specified hereinabove will be covered by specific activity wise rate under Priority/ Non-Priority sector as the case may be.

2. The accounts enjoying fixed rate of interest with a reset clause are to be reviewed as per terms of sanction and new rate to be applicable.

3. For fresh advance under all tie- up arrangements, the percentage of concession allowed from card rate will only remain constant. However, under no circumstances the effective Rate of Interest should be lower than MCLR i.e., 8.90% at present after allowing all types of applicable concessions, if any, unless otherwise instructed specifically.

4. However, the loan accounts where interest has been charged at Base Rate/ BPLR shall continue to attract the same rate till otherwise instructed by Head Office or the borrower concern opted for MCLR.