The Hindu Business Line : Syndicate Bank hikes rates on retail deposits

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Bangalore Feb. 26 Syndicate Bank has raised interest rates of retail deposits upwards of nine per cent. A release today said that the bank had introduced two new deposit products called Synd Plus and Synd 500 Plus. The deposit products are for 400 days and 500 days respectively and offer rates of nine per cent and 9.25 per cent for amounts under Rs 15 lakh. For senior citizens, the bank was offering rates of 10 per cent. The bank has kept the schemes open till April-end. Loans would be allowed against the deposits. Meanwhile, the bank has entered into an MoU with Crisil for rating of SMEs, which is the focus area for the bank, the release said.

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