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Our Bureau

Kochi , Nov. 4

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 - 179 days to 5 per cent; and 180 days to one year to 5.5 per cent.

Periods 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, a press release from the bank has said.

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 rates will be 2.71 per cent; and 3.03 per cent for 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 has said. For euro deposits, the bank would be offering 2.08 per cent, 2.34 per cent and 2.60 per cent respectively.

The 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.

Lord 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 cent.

Lord Krishna Bank, which has inward money transfer arrangements with well-known exchange houses, expects to register a further growth in their NRI business in the days to come with the above measures, a press release from the bank has said.

More Stories on : Interest Rates | Fixed Deposits | Kerala

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