Regional Rural Banks (RRB) in India offer Gramin FDs to citizens of India. These banks are established by the Government of India to develop the rural economy by catering to their basic banking needs. There are 56 RRBs that offer Gramin Fixed Deposits. These FDs offer a higher interest rate than the commercial bank FDs. Hence providing a good alternative to people looking for safer investment options.
Gramin FDs are safe and guarantee returns in the form of interest. The tenure ranges between 7 days and 10 year and Gramin bank’s FD interest rates range between 2.5%- 6.5% p.a. Investors can prematurely withdraw their deposits. They can also take a loan against their FD investments. The interest is taxable as per the income tax slab of the investors. Moreover, TDS will be applicable as per the IT guidelines.
Top 20 Gramin Bank Fixed Deposit Interest Rates 2022
|Gramin Bank Name||Interest Rates||Tenure|
|bangiya gramin vikash bank||4% – 6.50%||Upto 3 years|
|tripura gramin bank||3.35% – 6.30%||Upto 10 Year|
|baroda gujarat gramin bank||3.40% – 6.25%||Upto 10 Year|
|saurashtra gramin bank||3% – 6.20%||Upto 10 Year|
|assam gramin vikash bank||3.25% – 6%||Upto 3 years|
|rajasthan marudhara gramin bank||3% – 6%||Upto 10 Year|
|uttarakhand gramin bank||2.90% – 5.90%||Upto 10 Year|
|madhyanchal gramin bank||2.90% – 5.90%||Upto 10 Year|
|kerala gramin bank||3.50% – 5.90%||Up to 5 Year|
|jharkhand rajya gramin bank||3% – 5.75%||Upto 10 Year|
|sarva haryana gramin bank||2.90% – 5.75%||Upto 10 Year|
|maharashtra gramin bank||3% – 5.70%||Upto 10 Year|
|karnataka gramin bank||3% – 5.65%||Upto 10 Year|
|madhya pradesh gramin bank||3.20% – 5.50%||Up to 10 year|
|uttar bihar gramin bank||2.75% – 5.50%||Upto 10 Year|
|paschim banga gramin bank||3% – 5.40%||Upto 10 Year|
|punjab gramin bank||3% – 5.30%||Upto 10 Year|
|dakshin bihar gramin bank||3% – 5.30%||Upto 10 Year|
|uttarbanga kshetriya gramin bank||2.75% – 5.10%||Upto 10 Year|
|vidarbha konkan gramin bank||3.25% – 5%||Upto 10 Year|
Check out the latest fd interest rates.
Features of Gramin Bank Fixed Deposits
Tenure: 7 days and 10 years.
Interest rates: 3%-6.50% per annum. Also, senior citizens get an additional interest rate for their investment in Gramin FD.
Minimum Investment: Rs 100. However, there is no limit on the maximum amount of investment in Gramin FDs.
Withdrawals: Premature withdrawals can be done with a penalty on the contracted interest rate.
Eligibility: All Indian citizens, members of HUF, firms, local bodies, companies, and government departments can invest in Gramin FDs.
Documents required: Any two of below document as identity proof & address proof.
Voter ID Card,
senior citizen card (if any).
Gramin Banks allow investors to take a loan against Gramin FD. The limit on the loan, tenure, and loan interest rate depends on the bank. Gramin bank fixed deposit accounts comes with nomination and auto renewal facility.
How to open an Fixed Deposit Account in a Gramin Bank?
To open an FD account in a Gramin bank, one has to visit the bank’s branch. The below steps will help in opening an FD account in a Gramin Bank:
- Visit the Gramin bank branch in which one wishes to open their FD account.
- Fill the fixed deposit account opening form. Provide all the necessary personal information and other information. For example, name, address, contact number, PAN details, email id, type of account, nominee details, etc.
- Mention the desired FD tenure
- Attach a cheque for the amount the one wishes to open the FD account. However, one can also do the amount transfer through internet banking.
- Attach all the mandatory documents along with the account opening form.
- Next, the banker will verify all the details and documents.
- On successful verification, the banker will issue an acknowledgment slip.
Following are eligible to open an FD account in a Gramin Bank:
- Indian Citizen
- Hindu Undivided Family (HUF), companies, partnership firms, local bodies, any government department, etc.
Eligible individuals have to provide the following documents while opening the FD account:
- Aadhaar Card
- Driving License
- Passport size photographs
- Voter’s ID card
- Permanent Account Number (PAN) Card
- Any other firm/ company-related documents.
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Frequently Asked Questions
A Gramin Bank is a Regional Rural Bank (RRB). They were established by the Government of India and are regulated by the Reserve Bank of India (RBI). These banks are jointly owned by the Government of India(GOI) (50%), Sponsor Bank (35%) and the concerned State Government (15%). They are set up under the provisions of the RRB Act 1976 to develop the rural economy by catering to their basic banking needs. There are 56 RRBs in India currently.
In India, as of May 2021, Chaitanya Godavari Grameena Bank has the highest FD interest rate at 6.85% per annum for a tenure of 12 months.
Account-holders can check their Gramin bank account balance by giving a missed call on the bank’s helpline number. The account balance details are sent an SMS on the registered mobile number by the bank. An individual can find the missed call number on the respective bank’s website.
Account-holders can also check their account balance at an ATM machine. One has to insert their ATM card into the machine, enter the ATM PIN and click on ‘Balance Enquiry’. The machine displays the account balance on the screen. Furthermore, one can print the balance information as a receipt.