The interest rate on MGB-Tax Saving Scheme (Tenure five years) shall be as under:-

MGB Tax Saving Scheme

Existing Interest rate w.e.f 19.05.16

Revised Interest rate
w.e.f  03.11.2016

Public

7.37

7.00

Senior Citizen

7.77

7.25

Staff

8.37

8.00

Staff Sr. Citizen

8.77

8.25

Other instructions application to Tax Saving Scheme shall continue as hitherto.

7.. Senior citizens shall be eligible for additional benefit of 0.25%(instead of 0.40%) in interest rate over card rate for deposit on all maturity buckets.

8. Premature payment of non bulk deposits, penalty of 0.50% below the rate applicable for the period deposit has remained with the bank or 0.50% below the contracted rate, whichever is lower.