Odisha Gramya Bank 2024 Interest Rate For FD- On its various Fixed Deposit plans, the Odisha Gramya Bank offers its customers highly competitive interest rates. You need a PAN Card, proof of address, and proof of identity to open a fixed deposit account with this bank, whether you do so online or offline. In order to open a fixed deposit for a business or establishment, proof of business is required as well. For a trust, society, or foundation-specific deed of trust, fixed deposit accounts must be used once more.
Saving money and earning interest through a variety of strategies and options makes sense in light of inflation and future uncertainty. The majority of customers typically choose fixed deposits as their first option. Customers of Odisha Gramya Bank can choose from a variety of fixed deposit options. Customers can use the Odisha Gramya Bank FD Calculator to estimate the potential returns from these plans.
Odisha Gramya Bank 2024 Interest Rate For FD
Odisha Gramya Bank FD lets you put down a lump sum for a specific amount of time, from 7 days to 10 years. Gramya Bank FD lets you choose from any of its tenures based on your convenience and financial goals. The amount you deposit into an Odisha Gramya Bank_ FD will begin to earn interest based on the deposit’s tenure as soon as you select the tenure. At the time of opening an account with the bank, a customer is only permitted to make one lump sum deposit into a fixed deposit, and after that, the customer is not permitted to make additional deposits into the same FD account.
Section 80C of the Income Tax Act provides additional tax benefits for amounts between Rs. 100 to 1.5 lakh by investing for at least five years in the Odisha Gramya Bank FD. You can find Odisha Gramya Bank FD Rates for a variety of terms in the table below. Additionally, the facility or option to calculate the interest rate and maturity value of your Odisha Gramya Bank FD for various tenures by clicking the “calculate” button in the table is provided below.
Odisha Gramya Bank 2024 Interest Rate For FD Details
| Bank Name | Odisha Gramya Bank |
| Article Name | Odisha Gramya Bank Interest Rate For FD |
| Category | Trending |
| Official Website | Click Here |
About Odisha Gramya Bank FD
As mandated by the Indian government, Neelachal Gramya Bank, Kalinga Gramya Bank, and Baitarani Gramya Bank were combined to form Odisha Gramya Bank on January 7, 2013. The Government of India, the Government of Odisha, and Indian Overseas Bank, the Sponsor Bank, each contribute 50:15:35 of the Bank’s share capital. The OGSFD is committed to providing high-quality products and services to its customers at reasonable rates. It offers a wide range of products and services to meet the diverse needs of its customers.
Some of these products and services include fixed-term deposits, term deposits, recurring deposits, loans, credit cards, insurance, and mutual funds. The OGSFD has branches in many towns and cities across Odisha including Bhadrak, Balangir, Bargarh, Boudh, Cuttack, Dhenkanal, Gajapati Districts , Jeypore (Vizag), Kendrapara Districts , Nabarangpur Districts , Nayagarh Districts , Puri (Orissa), Port Blair (Andaman & Nicobar Islands), and Sambalpur Districts . The OGSFD is an excellent place to invest in financial products because it offers quality service at reasonable rates.
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Features & Benefits: Odisha Gramya Bank Fixed Deposit
- Flexible FD tenures and competitive interest rates are available to fit your investment strategy.
- You can open a FD account online or at the Odisha Gramya Bank branch closest to you.
- There is no limit on the maximum number of FD FD tenures: From seven days to ten years, various interest payout options, including monthly, quarterly, and so on.
- Up to 85% of the FD amount can be borrowed or overdrawn using the loan or overdraft facility.
- Liquidity options are simple and quick.
- There is a facility for nomination.
- Through the tax saving term deposit scheme, senior citizens can receive a tax benefit of up to Rs 1,50,000.
- The bank also provides a NRE, NRO, and FCNR deposit facility. Senior citizens can also benefit from a higher interest rate than regular citizens.
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Odisha Gramya Bank Fixed Deposit Scheme Interest Rates for Deposits Upto Rs.50 Lakh
The interest rates for the Odisha Gramya Bank fixed deposit scheme for deposits upto Rs.50 lakh are given below:
| Tenure | Normal Interest Rate (p.a.) | Senior Citizen Interest Rate (p.a.) |
| 1 year | 5.15 | 5.65 |
| More than 1 year to less than 2 years | 5.15 | 5.65 |
| 2 years to less than 3 years | 5.25 | 5.75 |
| 3 years to less than 5 years | 5.20 | 5.70 |
| 5 years to 10 years | 5.20 | 5.70 |
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Odisha Gramya Bank FD Interest Calculator
Interest on Odisha Gramya Bank FD interest is calculated using a fixed interest rate and the number of years for which the deposit is kept in the account. The interest rate can be found in various online calculators and financial websites.
The number of years for which the deposit is kept in the account will contribute to the interest earned. The longer the deposit is invested, the higher the interest that can be earned. It is important to note that the interest earned will also depend on various factors such as the prevailing interest rates, market conditions, and risk tolerance of the depositor.
The Odisha Gramya Bank FD Interest Calculator is an online financial tool that lets you figure out your fixed deposit’s maturity value at the bank’s interest rate. The maturity amount of the FD at the end of the tenure is determined jointly by the amount of the FD, interest rate, deposit tenure, and compounding frequency of interest.
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Calculation of Interest on FD of Odisha Gramya Bank
The following method is used to calculate interest on FDs for various tenures:
- For fixed deposits with a duration of less than six months, simple interest is paid out at maturity.
- For fixed deposits with a term of at least six months, interest is calculated quarterly.
- Each quarter, the cumulative interest or reinvestment interest is calculated and added to the principal so that the interest earned in the previous quarter is also paid out.
- In the case of a monthly deposit plan, the interest will be paid monthly at a discounted rate over the Standard FD Rate and will be calculated for the quarter.
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Automatic Renewal of Bank FD
The bank FD ends on a particular date. If you have not specified any specific instructions regarding the payout or renewal of the FD prior to its maturity, most banks will automatically renew the FD at the interest rate in effect on the date of maturity for the same time period for which it was originally issued. Automatic Renewal of Bank FD is the name of this.
If you do not want the bank to automatically renew your FD, you should select the option on the account opening form. When you deposit money into a FD, you have two options on the account opening form: you can have the money automatically renewed or you can have it deposited into your account at maturity. If you did not select any option on the account opening form, you will need to go to the bank branch on the day your bank FD matures to choose to have the final proceeds credited to your savings account instead of having it automatically renewed.
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