Financial Daily from THE HINDU group of publications
Wednesday, Feb 01, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 01, 2006 |
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Money & Banking
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Fixed Deposits Dena Bank hikes term deposit rates Our Bureau
Mumbai , Jan. 31 DENA Bank hiked interest rates on the domestic term deposits by 25-30 basis points on all maturity periods. The hike is effective from February 1, the bank said. Dena Bank is the first to hike deposit rates after RBI increased the reverse repo and repo rates by 25 basis points According to Mr M.V. Nair, Chairman and Managing Director, Dena Bank, though this would put pressure on the bank's Net Interest Margin, it would help to increase the volume of low cost deposits in order to meet the fast growing loan book. Most banks had raised deposits rates since November.
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