The Nainital Bank Limited is a scheduled commercial bank founded in 1922. Mr Govind Pallabh Pant and Shah Community founded it. The bank is a subsidiary of the second largest bank in India – Bank of Baroda – that holds a stake of over 98% in the bank.
The Nainital Bank has over 100 branches across Delhi, Haryana, and Rajasthan and as per the reports of 2012, managed a net turnover of INR 55 billion. Nainital Bank is associated with many banks like Bank of Baroda, LIC and HDFC bank.
Nainital Bank only offers terms deposits to resident Indians. Its deposit tenor ranges from 7 days to 120 months. Although the interest rates are lower than most banks, it offers a Naini Tax Saver Scheme with a considerably high-interest rate.
Also for deposits above INR 1 crore, the customer needs to get approval from the head office in Nainital. The bank also deducts 1% for premature payments of deposits. Below rates are effective from 17 December 2018.
Nainital bank Fixed Deposit Interest Rates February 2019:
| Tenure | Interest rate
(% p.a.) |
Interest rate for
Sr. citizen (% p.a.) |
|---|---|---|
| 7 Days to 14 Days | 4.10% | 4.60% |
| 15 Days to 30 Days | 4.60% | 5.10% |
| 30 Days to 45 Days | 5.10% | 5.60% |
| 45 Days to 90 Days | 5.20% | 5.70% |
| 90 Days to 180 Days | 6.10% | 6.60% |
| 180 Days to 270 Days | 6.25% | 6.75% |
| 270 Days – 1 Year | 6.45% | 6.95% |
| 1 Year to 2 Years | 6.80% | 7.30% |
| 2 Years to 3 Years | 6.40% | 6.90% |
| 3 Years to 5 Years | 6.30% | 6.80% |
| 5 Years to 10 Years | 6.30% | 6.80% |
| Naini Tax saver scheme | 7.00% | 7.00% |
Table Updated: 19 February 2019
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Source: http://www.nainitalbank.co.in/english/interest_rate.aspx