Accordingly, the interest rates for Retail Domestic Term Deposits ‘Below Rupees Two Crore 'have been revised. The revised interest rates are as under :
(All figures in % per annum)
Type of Accounts
Interest Rate per annum
- Regular Account
- Group Account
- Savings in Trust Account
- Business Account
- School Account
- Junior Savers
- Golden Achievers
- Vacation Club Savings
- Christmas Club Savings
- US Deposit Account
- Chequing Account
- 2%
- 2%
- 2%
- 2%
- 2%
- 2%
- 3%
- 3%
- 3%
- 1/2%
- 1/2%
Dollar Value
Interest Rate per annum
- $500 to 49,999
- $50,000 and over
- 2%
- 3%
A special ‘SKCCU Wecare’ Deposit for Senior Citizens has been introduced in the Retail TD segment wherein an additional premium of 30 bps over & above the existing 50 bps i.e. 80 bps over card rate for public (as indicated in the above table) will be paid to Senior Citizens on their retail TD for ‘5 Years and above’ tenor only. ‘SKCCU Wecare’ deposit scheme stands extended up to 31st March 2023.
The interest rate payable to SKCCU Staff and SKCCU pensioners will be 1.00 % over and above the applicable rate shown in the above table.
The rates of interest are applicable to fresh deposits and renewals of maturing deposits. The interest rates on ‘SKCCU Tax Savings Scheme 2006(SKCCU)’ Retail Deposits and NRO deposits shall be aligned as per the rates for domestic retail term deposits. However, NRO deposits of Staff are not eligible for additional 1% interest otherwise applicable to staff domestic retail deposits. These rates of interest are also applicable to domestic term deposits from Cooperative Banks.
