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HYDERABAD, Jan. 9

ANDHRA Bank has announced further cut in interest rates on both domestic term deposits and NRE term deposits, effective from January 13, according to a bank communiqué.

For deposits of less than Rs 2 crore, the interest rates were reduced to 4.25 per cent from 4.5 per cent for the tenure of 15 days to 45 days and to 5.25 per cent (5.5 per cent) for 46 days to 179 days. While maintaining the rates at 5.75 per cent for 180 days to 364 days, at 6.25 per cent for one year to less than two years, and at 6.5 per cent for three years and above tenures, the bank has reduced the rate to 6.25 per cent for the tenure of two years to less than three years from the earlier rate of 6.5 per cent. In the case of NRE terms deposits of less than Rs 2 crore, the bank reduced rates for all the tenures with the reduction ranging from 25 basis points to 50 basis points. The rate for six months to less than one year was reduced to 5.25 per cent from 5.75 per cent, for one-year to less than two years to 5.75 per cent (6.25 per cent), for two years to less than three years to 5.75 per cent (6.5 per cent) and for three years and above tenure deposits to six per cent (6.5 per cent).

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