Odisha Gramya Bank Fixed Deposit Interest Rates

The Odisha Gramya Bank brings its customers high valued interest rates on its various Fixed Deposit schemes. Be it online or offline, for opening a fixed deposit account in this bank you have a PAN Card, proof of address and identity. To open a fixed deposit for a company or establishment, one needs to provide business proof documents as well. Again fixed deposit accounts for a trust, society or foundation-specific deed of trust must be utilized.

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Features:

Some of the features of Odisha Gramya Bank fixed deposit are:

  • The fixed deposits can be opened with a minimum amount of Rs.1000 (in multiples of Rs.100) with no ceiling amount whatsoever.
  • Individuals can open fixed deposit accounts, joint accounts, minor accounts, undivided family accounts like (HUF), trusts, business firms and joint-stock companies.
  • The investment tenure in the bank varies from 7 days to 10 years. 
  • The deposit can be opened for a time range of 1 year to 10 years. (Maintained in a multiple of 3 months).
  • There are three types of Fixed Deposit schemes provided by the bank. They are;
    • Flexi Fixed Deposit – When a bank savings account is linked to the fixed deposit account. 
    • Senior Fixed Deposit – This is applicable for citizens from 60 years and above. Senior citizens scheme has various subdivisions as Retired staff, Senior tax saver scheme, Spouse joint account and Super senior citizens scheme.
    • Tax Saving Fixed deposit – One can save tax in these amounts with a minimum amount of Rs 10,000.
  • One can avail of a loan against a fixed deposit up to 90 % of the amount present in the fixed deposit.
  • The Odisha Gramya Bank provides premature withdrawal with a penalty fee of 0.5 % to 1 %, exempted for certain cases like the Senior Citizen’s Scheme at any point in time.
  • The bank provides a minimum balance facility of Rs.100 (or multiples of Rs.100) with no ceiling on the maximum amount.
  • The Odisha Gramya Bank also provides FCNR Fixed deposit and NRE & NRO fixed deposit option and nomination facility. 

Odisha Gramya Bank Fixed Deposit Interest Rates 2021

The Odisha Gramya Bank fixed deposit interest rates with effect from 12.02.2021 based on the above mentioned subjectable parameters are as follows:

Rates applicable to term deposits up to Rs. 50 lakhs (in % p.a)

TENURE

FD INTEREST RATES FOR GENERAL CITIZENS

FD INTEREST RATES FOR SENIOR CITIZENS

7-14 days

3.25

3.25

15-29 days

3.25

3.25

30 – 45 days

3.40

3.40

46 -60 days

3.90

3.90

61-90 days

3.90

3.90

121 -150 days 

4.40

4.40

151 – 179 days

4.40

4.40

180 -210 days

4.80 

5.30

211 -270 days

4.80

5.30

217 days to less than 1 year

4.80

5.30

1 year only

5.15

5.65

1 year to less than 2 years

5.15

5.65

2 years to less than 3 years

5.25

5.75

3 years to less than 5 years

5.20

5.70

5 years and above up to 10 years

5.20

5.70

Tax Saver Deposit Scheme

5.20

5.20

Odisha Gramya Bank Fixed Deposit Interest Rates Features

Here are some additional features of Odisha Gramya bank’s fixed deposit scheme:

  • The Odisha Gramya Bank fixed deposit interest rates depend on the tenure time, withdrawal amount, tax application, and time to time protocols laid down by the Government. 
  • The Tax Deduction service is applicable as per the Income Tax guidelines from time to time.
  • The maturity of the term deposits is short-term, ranging from a few months to a few years.

Summing it Up:

Fixed deposits are great aids during financial stress. However, one needs to conduct a self-research about the possible risks for better preparation before investing. These risks include default repayment risk, the penalty fee, prohibitions and complications on the withdrawal of tax fixed deposits before maturity despite the benefits, alteration in interest rates, and market policies and inflation risks.

Written By: PolicyBazaar - Updated: 12 August 2021
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