Repco Bank has introduced a long-term deposit scheme called ‘Repco-Crown’ with tenure of five to 20 years. Repco Bank is a Government of India enterprise under the Ministry of Home Affairs, J. Gireeshkumar, chief manager, Thiruvananthapuram, said.
The new product comes into effect from Saturday based on floating rates at the highest rate of interest during the corresponding period. Presently the bank offers 9.30 per cent for the general public and 9.80 per cent for senior citizens.
Minimum amount of deposit is fixed Rs 10,000 with no lock-in, Gireeshkumar said. Interest can be drawn either quarterly or on maturity under quarterly compounding rests.
The bank has also introduced an insurance-linked recurring deposit scheme of Rs 1,310 per month for five years at 9.25 per cent with a maturity value of Rs 1 lakh.
Under this scheme, depositors aged between 10 and 65 years are eligible for free accidental insurance coverage of up to Rs 1 lakh during the deposit term. The bank has also extended another deposit scheme, ‘Repco-44’, up to February 28, the chief manager added.
This scheme offers 10 per cent for senior citizens for 18 months. Further details can be had from the Repco Bank branch at S. S. Kovil Road, Thampanoor, or on phone 0471-2327305.