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Tuesday, Oct 22, 2002

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Corpn Bank cuts rates on deposits

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CORPORATION Bank has brought down its rates of interest on term deposits of nearly all maturities with effect from October 21.

The interest on deposits in the `maturity band' of 46 to 90 days and 91 to 179 days have been brought down to 5.50 per cent and 5.75 per cent from 6 per cent.

The rates of interest on other `maturity bands' have also been reduced. Deposits with a maturity period of 180 days to less than one-year will now earn interest at the rate of 6.25 per cent, down from the earlier 6.50 per cent. The rate of interest on deposits from one-year to less than two years has been brought down from 7 to 6.75 per cent and for deposits of two years to less than three years, the rate of interest will now be brought down from 7.25 per cent to 6.75 per cent. Deposits for periods above three years will now earn 7 per cent as against the earlier 7.25 per cent.

The interest rate on deposits in less-than-14-days category has been brought down from 5 per cent to 4 per cent while the 15-to-45-days category has been left unchanged at 5.25 per cent.

The bank has also brought down the rates of interest on NRE deposits. These will now be on par with domestic rates, according to a Corporation Bank communiqué.

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