Nainital Bank FD Rates

Customers, especially senior citizens, get an increased interest rate of about 0.50% on the FD interest rates in Nainital Bank. Hence, an FD in this bank is advisable due to all of these customer-centric policies. It also has various schemes that help the depositor choose the correct plan.

The table below consists of the rate of interest issued by the Nainital Bank on a deposit of less than Rs. 2 crores with a varied Maturity range. This interest rate of FD is solely decided by the bank itself but in the limits of guidelines set by the reserve bank of India. They can change with time and are not guaranteed to be fixed.

Nainital Bank FD Interest Rates

1. Branches may continue to pay an additional interest of 0.50% on domestic term deposits of less than Rs. 2.00 crore to Senior Citizens for all tenors in terms of extant guidelines, except under Naini Tax Saver Scheme.
2. Branches will now pay an additional interest of 0.60% (0.50% + 0.10%) on domestic term deposits of less than Rs. 2.00 crore to Super Senior Citizens (Customers who have attained the age of 80 years) for all tenors in terms of extant guidelines, except under Naini Tax Saver Scheme.

What is the eligibility criteria to avail of Nainital Bank’s FD Account?

1. Resident individuals can open an account for deposition
2. Illiterate/ blind people are also eligible for the same
3. Minor associations, clubs, and societies can also avail of this service.

What Documentation is required for a Nainital Bank FD Account?

1. Two Passport sized photographs should be kept handy to provide with the forms
2. Proof of birthdate that is a birth certificate is a mandate in the case of minors and senior citizens.
3. Identity proof (PAN Card, Passport, Aadhaar card)
4. Proof of address (Electricity bill, Adhaar card)

What Do You Need To Know About The Interest Payment?

The table shows the amount a depositor gets after a span of 3 and 5 years, respectively, at the interest rates offered by the Nainital Bank.

The interest rate can be easily calculated using the Nainital Bank FD calculator, which makes it easier for the depositor to make a quick decision.

Different Types of FD Rates Available with Nainital Bank

There are different types of FD schemes launched by the bank with varied interest rates and tenure depending upon the requirement and ease of the client. Every scheme has its own benefits and should be chosen wisely to maximize the profit gained.

• Regular Fixed Deposits

1. It has a minimum deposit amount of Rs. 1000 and can have a tenure of 1-10 years.
2. The rate of interest here is paid on a quarterly basis. In case the date of payment falls on a bank holiday, the amount is usually credited the next working day.
3. Nomination facilities are available for the issuer to avoid any further complications.
4. Senior citizens get an added benefit of 0.50% on the Nainital Bank FD interest rates.
5. Bank staff members are offered an additional 1% interest rate on the FD they made.

• Short-term Deposit

1. It has a similar minimum amount of Rs.1000 and tenure ranging from 7 days to 1 year.
2. The rate of interest here is paid on a quarterly basis. In case the date of payment falls on a bank holiday, the amount will be credited the next working day.
3. Nomination facilities are available for the issuer to avoid complications.
4. Senior citizens get an added benefit of 0.50% on the Nainital Bank FD interest rates.
5. Bank staff members are offered an additional 1% interest rate on the FD made by them, and working senior citizens are allowed to club in both perks and enjoy an extra benefit of a 1.50% interest rate.

• Re-investment Deposit

1. A minimum deposit amount of Rs 1000 is required by the bank.
2. The rate of interest here is paid on a quarterly basis. In case the date of payment falls on a bank holiday, the amount will be credited the next working day.
3. Senior citizens get an added benefit of 0.50% on the Nainital Bank FD interest rates.
4. Bank staff members are offered an additional 1% rate of interest on the FD made by them, and working senior citizens are allowed to club in both perks and enjoy an extra benefit of a 1.50% interest rate.

• Nani Tax Saver Scheme 

1. The deposits made under this avenue are subjected to a deduction if required under the Income tax act ( section 80C)
2. The deposits can be made in the form of RIDS/ FDR Scheme.
3. Loan cannot be given to the issuer keeping this type of deposit as a collateral guarantee.
4. Premature withdrawal is not allowed before 5 years unless in the case of the demise of the depositor.
5. Nominees can be added.

How to Avail of Loan Against Your FD?

The Nainital Bank does not offer any such schemes of receiving a loan against an FD account made by the depositor.

What Happens On Premature Withdrawal of Funds?

In case of premature withdrawal, interest rates are 1% lesser than what was promised to the depositor. This rate applies only to the timespan the money has been kept with the bank.

Who is Eligible to Avail of Nomination Facilities?

A nominee is the decision maker that is accountable after the depositor. They must have the following to be appointed as a nominee.

1. Two Passport sized photographs should be kept handy to provide with the forms.
2. Proof of birthdate that is a birth certificate is a mandate in the case of minors and senior citizens.
3. Identity proof (PAN Card, Passport, Aadhaar card)
4. Proof of address (Electricity bill, Adhaar card)

Nainital Bank FD Rates FAQ’s :-