The Hindu Business Line : Exim Bank hikes deposit rates

Mumbai, Aug. 14 Export Import Bank of India (Exim Bank) has hiked its interest rates on term deposits to 10 per cent per annum from the existing 9.5 per cent. This rate would apply for deposits maturing between 12 and 60 months.

The rate, which is compounded quarterly, would come into effect from August 1. The benefit would also accrue to existing deposits for the remaining period of their maturity.

Exim Bank had previously increased its rates from 9 to 9.5 per cent from July 1.

An additional interest rate of 0.25 percentage point for deposits maturing between 12 and 60 months would be paid to senior citizens and persons with disabilities. The additional interest paid could increase by 0.50 percentage point in case of deposits maturing between 36 and 60 months.

The term deposits, with duration ranging between 12 and 60 months, have been assigned a AAA rating by Crisil, ICRA and Fitch.

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