Kerala-based banks hike deposit rates

05 November 2004

Kochi: Several Kerala-based banks have revised the interest rates upwards.

The Catholic Syrian Bank has increased its interest rates for domestic term deposits for 15 - 45 days maturity to 4.25 per cent; for 46 to 179 days to 5 per cent; and 180 days to one year to 5.5 per cent.

Tenures over one year but less than seven years will henceforth command an interest rate of 6 per cent. Deposits between 7 and 10 years will command an interest rate of 6.5 per cent. This was disclosed by the bank in a press release.

Senior citizens will be entitled to a 0.5 per cent extra interest rate over and above these rates. The bank also offers an additional interest of 0.25 per cent for deposits over Rs 50 lakh.

Dhanalakshmi Bank has hiked interest rates on NRE and FCNR (B) deposits with effect from November 1. The new rates for dollar denominated deposits for 1 to 2 years will be 2.30 per cent; for maturities of 2 to 3 years the rates will be 2.71 per cent; and 3.03 per cent for a 3-year period.

The corresponding rates for pound sterling will be 4.77 per cent, 4.71 per cent and 4.74 per cent, a press release from the bank disclosed. For euro deposits, the bank would be offering 2.08 per cent, 2.34 per cent and 2.60 per cent respectively.