Corporation Bank raises interest rates on domestic term deposits

By Our Banking Bureau | 18 Feb 2003

Mangalore: Corporation Bank has revised its interest rates on domestic term deposits with effect from 17 February 2003. The revision effected now will apply to domestic term deposits as well as deposits under the Capital Gains Account Scheme 1988 (Scheme B).

Deposits of Rs 1 crore to less than Rs 5 crore for a period of seven to 14 days will now earn an interest at the rate of 4 per cent. The interest for deposits of Rs 5 crore and above for the same period has been increased from 4 per cent to 5 per cent.

In the 15-45-day maturity band, any amount less than Rs 1 crore will fetch 4.5 per cent. But for deposits of Rs 1 crore and above, the interest for the same period will remain at 5 per cent.

In the 46-179-day category, the interest on deposits of less than Rs 1 crore will earn 5.25 per cent, while deposits of Rs 1 crore to Rs 5 crore will fetch 5.75 per cent. Deposits of Rs 5 crore and above will earn an interest at an increased rate of 5.85 per cent (5.75 per cent earlier) for the same period.

Any amount less than Rs 1 crore for a period of 180 days to less than one year will now fetch 5.5 per cent and for deposits of Rs 1 crore and above the interest rate will remain 6 per cent. For a period of one year to less than three years, deposits of any amount less than Rs 5 crore will fetch 6 per cent and deposits of Rs 5 crore and above 6.25 per cent.

All deposits for a period of three years and above will earn 6.25 per cent (same as the old rate) irrespective of the amount deposited.