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Repco Bank, a Government of India enterprise under the Ministry of Home Affairs, has introduced a new ‘monthly payment scheme' for senior citizens with effect from December 1. Announcing this, Mr J. Gireesh Kumar, Chief Manager of the Thiruvananthapuram branch, said the bank offered interest at the rate of 11 per cent (without discounting rate) for a term of 24 months for a minimum deposit of Rs 1 lakh. The monthly interest is payable at the door-step of the depositors. The bank has another deposit scheme for the general public that has a minimum of Rs 10,000 as deposit amount for a period of 22 months at the rate of 10.60 per cent. Depositors would have the option to receive periodical interest or interest on maturity on a quarterly compounding basis, as the case may be, Mr Gireesh Kumar added.
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