banks hike deposit rates
5 November 2004
Several Kerala-based banks have revised the interest
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.
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
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.
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.
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.
new rates for NRE deposits for 1 year to less than 2
years will be 3.05 per cent; 3.50 per cent for maturities
of 2 to 3 years; and 3.80 per cent for 3 years.
Krishna Bank has also increased interest rates on NRE
deposits with effect from November 1. Interest rates
on NRE deposits with a maturity of 3 years have been
revised to 3.80 per cent
from 3.34 per cent. For 2 to 3 years maturity, the interest
rates are now 3.5 per cent and 1 to 2 years to 3.1 per
of reports on Catholic Syrian Bank
of reports on Dhanalakshmi Bank
of reports on Lord Krishna Bank