Saving Fund Deposit Accounts- Interest Rate of Deposits

The interest rates on Savings Fund deposits with effect from 09.10.2023

• 2.85% for daily balances up to Rs 2 Crores.
• 4.00% for daily balances above 2 Crores and up to Rs.10 Crores, please note 4.00% interest will be applicable on an amount above Rs 2 Crores and up to Rs 10 Crores.
  
  Suppose that there is a balance of Rs. 7.50 Crores in X’s Account, interest will be applicable as under-
  a) Upto Rs. 2 Crore @ 2.85%
  b) Above Rs 2 Crores and upto Rs 10 Crore i.e. on Rs. 5.50 Crores @4.00%
• 6.00% for balances above Rs.10 Crores, please note 6.00% will be applicable on an amount above Rs.10 Crore.
  
  Suppose there is a balance of Rs. 12.50 Crores in Y’s Account, interest will be applicable applicable as as under-
  a) Upto Rs. 2 Crore @ 2.85%
  b) Above Rs 2 crores and upto Rs. 10 Crores i.e. on Rs. 8 Crores @4.00% 
  c) Above Rs. 10 Crores i.e. on Rs. 2.5 crore @6.00%