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.
Nainital bank Fixed Deposit Interest Rates:
|Tenur|| Interest rate|
| Interest rate for|
|270 days – 1 year||7.50||8.00|
|Tax saver scheme||7.60||7.60|
Table Updated: 7 July, 2016