Paschim Banga Gramin Bank FD Rates

The Paschim Banga Gramin bank is a joint conglomeration of the GoI, Government of West Bengal and UCO Bank with a capital share contribution of 50 %, 15% and 35 % respectively. Its services are extended to the agricultural, rural projects development and industrial development in the districts of Howrah, Hooghly, Bardhaman and Birbhum.

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The eligible applicants for the fixed deposits account are - individuals, minors, HUFs, business firms, LLP firms, companies, AOP, BOI, Local authority, Trust, NRI and registered societies. Fixed deposits are one of the best savings instruments that offer guaranteed returns.

Features:

Paschim Banga Gramin bank’s fixed deposit scheme offer benefits like:

The tenure period for the fixed deposit account can range from 7 days to 10 years with a variable monthly payout option with no cap on the maximum amount to be deposited.
There are various schemes for fixed deposit accounts. They are Dhankuber Yojana, FCNR, NRE, NRO, General Fixed Deposit, a Recurring Deposit, Retired staff scheme and Senior citizens schemes.
The customer gets a tax benefit of Rs.100 to Rs 1.5 lakhs for the tenure of 5 years or more as per the Income TAX Act, section 80C.
There are different modes of payout options such as; monthly, quarterly and so on, along with a part withdrawal facility.
Nomination facility is applicable.
Automatic renewal of the term money is provided.

Paschim Banga Gramin Bank Fixed Deposit Rates 2021

The Paschim Banga Gramin Bank FD Rates with effect from 1.04.2021 are as follows:

Maturity Period	General Citizens % per annum	Senior Citizens % per annum
7 days to 14 days	3.00	3.25
15 days to 29 days	3.00	3.25
30 days to 45 days	3.00	3.25
46 days to 60 days	4.00	4.25
61 days to 90 days	4.00	4.25
91 days to 120 days	4.25	4.50
121 days to 150 days	4.25	4.50
151days to 180 days	4.25	4.50
181 days to 269 days	4.75	5.00
270 days to less than 1 year	4.75	5.00
1 year	5.00	5.25
More than 1 year to less than 2 years	5.00	5.50
More than 2 years and up to 3 years	5.00	5.50
Above 3 years and less than 5 years	5.00	5.50
5 years and above	5.00	5.50

The Paschim Banga Gramin Bank Rates of interest for the Tax Saver Scheme are as follows:

Category of Depositor	% Rate Of Interest per annum
General	4.85
Senior Citizen	5.35
Staff/ex-staff	5.35
Senior citizen staff/ex-staff	5.35

Things to Know

Few things customers must be aware of the Paschim Banga Gramin Bank FD rates are:

For deposit tenure of up to 6 months, a simple interest rate is paid at maturity.
Cumulative interest is calculated at every quarter, so that interest paid on the principal is earned in the previous quarter too.
For the monthly payout scheme, the interest is calculated for the quarter and paid monthly at a discounted rate.

In all the circumstances mentioned above, a penalty fee for premature payout is taken except for certain cases like senior citizen schemes.

Summing it Up

The Fixed deposit schemes by the Bank can be a reasonable investment option. Some risk factors associated with fixed deposits are default repayment, penalty, complications with payout clauses before maturity and change in the interest rates. Nevertheless, before opening a fixed deposit account, the customer must do research and confirm the rates with the bank before investing.

Written By: PolicyBazaar - Updated: 12 August 2021