The Rates of interest on Term Deposits of the Bank has been revised as follows. The revised rates will be effective from 25-07-2011

*For deposits of 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.

Further, 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

However, the additional interest will not be applicable for Tax Savers Deposit Scheme.

Penal charges for pre-mature withdrawal of Term deposits :

PRIORITY SECTOR ADVANCES 

A) Agricultural Advances (Term Loan / Cash Credit/KCC/Rural Godown/Tractor/ Power Tiller etc) .

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

2. When Crop Loan or installment 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.

3. In case of Short Term Production Credit up to Rs 3.00 lac, the applicable rate of interest shall be 7% payable as per norms on due date. Branches will prepare half-yearly statement of actual disbursement/drawl of Crop Loan and calculate Interest Subvention and submit to respective Regional Offices as per extant H.O. Circular. Concession in Rate of Interest for timely payment of Bank dues in terms of Government Directives a circulated by HO will also continue. However, if the loan is not repaid within due date, Normal rate of interest (i.e. 9.00% as the case may be) will be applicable.

B) SHG/Handloom Weavers’ Group (HWG)/ Advances to NGOs/FINANCING MFI & OTHER similar ADVANCES.

**Interest rate is to be fixed in terms of per Capita finance.

C) Advance to SSI/SME

D) Other Priority Sector (Retail Trade, Small business ,RTO ,PSEP etc. )(Both Term loan & Cash Credit)

For Secured loan Limit above Rs.25.00 lac the interest rate will be determined by credit risk rating as follows:-

E) Educational loan (Asomi Gyandeep loan scheme)

The rate of interest shall be on this scheme will be on monthly and simple basis during the moratorium period and thereafter compounded.

Since some of the customers are interested to opt for floating rates, floating rate for Housing loan shall bear follows:-

Floating Rate –
Existing

Revised

Note:-

(a) Loan for 2 nd housing unit, additional 0.50%, across the board in all slabs.

(b) No loan will be extended for purchase of 3 rd housing unit

Concessions –

1. No concession will be available for loans upto 5 years.
2. 0.25% if loan is taken along with Insurance cover under the Scheme (Bajaj Allianz)
3. 0.25% if 50% of the loan is additionally secured by way of Bank’s own term Deposit.
4. 0.25% for AGVB staffs

NON PRIORITY SECTORS

A) General Non priority sectors (Term loan/Cash Credit)

Notes:-

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

2) All existing Retail Loan accounts sanctioned at floating rates, will be charged at increased rates corresponding to upward revision of BPLR to 13.50% from 12.00% w.e.f. 01.04.2011

3) Revised Fixed Rates are applicable for fresh advance under retail credit schemes granted on & after 01.04.2011. However, all existing Demand Loan Accounts as well as new ones will be charged at revised rate.

4) For fresh advance under all tie-up arrangements, the percentage of concession allowed from card rate, will remain constant after the revised interest rates.