The Hindu Business Line : Andhra Bank raises deposit rates

ANDHRA Bank has revised interest rates upward on domestic and NRE (non-resident external) term deposits. While the hike is between 50 and 100 basis points on domestic deposits, it will be 40 to 60 points on NRE deposits. The new rates will be effective from November 9.

According to a bank press release, the rate of interest for domestic deposits for the period 15-45 days has been hiked from 3.75 to 4.75 per cent, from 4 to 5 per cent for 46-90 days, from 4.50 to 5.25 per cent for 91-179 days and from 4.75 to 5.60 per cent for 180-364 days.

The interest rate for one year and above has been revised to 5.75 per cent.

Similarly, the interest rates on non-resident (external) rupee accounts for the period one year or less than two years is revised from 2.30 to 2.90 per cent.

For two years to less than three years, it has been hiked from 2.80 to 3.30 per cent; and for three years and above tenor, the interest rate is increased from 3.20 to 3.60 per cent, the release said.

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