Interest Rates on Domestic and NRO Term Deposits
 
Notes:
     Interest rates are subject to change from time to time. The Bank will announce applicable interest rates as on the date of receipt of the              funds.
     Tax at source is deducted as per the Income-Tax regulations prevalent from time to time.
     Interest on Cumulative Deposit is exempt from the purview of TDS
     When you open an Akshaya Deposit with ING:
    		• Your interest is calculated on a quarterly basis for deposits of 6 months & above.
    		• For those deposits with a tenure of below 6 months, your interest is calculated at maturity as Simple Interest. The period of Fixed Deposit is calculated in number of days.
    		• Interest for reinvestment is calculated every quarter & the Principal is increased to include interest earned at the end of the year.


    Savings Bank Account

    Interest Rates with effect from 05.05.2008 3.5% p.a


    A. Domestic and NRO Term Deposits (below Rs. 1 crore) for all categories

    Period Interest rates (%) per annum with effect from 05.05.08
    7 days to 20 days 3.50
    21 days to 30 days 3.50
    31 days to 60 days 5.50
    61 days to 90 days 6.00
    91 days to 180 days 7.00
    181 days to 270 days 7.50
    271 days to 364 days 7.75
    365 days 9.00
    366 days to Ten years 8.00

                        

  • For deposits of Rs.1 crore & above, the rates are furnished by the Corporate Office from time to time depending upon the market conditions.


    • B. Differential interest rates on domestic term deposits of Senior Citizens:
     
    Period Interest rates (%) per annum for deposits during the period
    from 05.05.08
    91 days to 180 days 7.25
    181 days to 270 days 7.75
    271 days to 364 days 8.00
    365 days 9.25
    366 days to ten years 8.25
                                                     
  • The differential interest rates for Senior Citizens shall be applicable for 91 days and above tenors only.
    •  
    Tax deductions for Fixed Deposits
     
    • TDS will be deducted when interest payable or reinvested per customer per branch, exceeds Rs.10,000 in a financial year. (Rs. 5,000 upto 31.05.2007)
    • A consolidated Annual TDS Certificate will be mailed to the customer after the end of the financial,
    including details of all TDS deductions during the year.

    Applicable TDS rates are
     
    Resident individuals & non-Corporate Tax Rate Surcharge Education Cess Total
    Payment upto Rs.10 lakhs 10 ------ 2 10.2
    Payment equal to & above Rs.10 lakhs 10 10 2 11.2

    Corporate Tax Rate Surcharge Education Cess Total
    20 10 2 22.44

    • If you are exempt from paying tax, you need to present Form 15H when you open a Fixed Deposit and subsequently
    at the beginning of the following financial year.
    • At the end of the financial year, the TDS will be deducted on the basis of interest accrued on the Fixed Deposit
    (s) even if this interest has not been credited.
     
      Notes:
    		• Interest rates are subject to change from time to time.
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    		• Applicable interest rates will be given as on the date of receipt of the funds by the bank.
    ING Limited
    		- Last updated 13/06/08
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