The Development Credit Bank has reduced the interest rates on the domestic deposits up to 0.5 percent. The percent cut in the deposits varies with the tenure. For deposits with a maturity period up to one year, rates have been brought down by 0.5 per cent. The rates on deposits with a maturity 1-3 years have been reduced by 0.25 percent. The interest rates on the other deposits have also been brought down. The deposit rates have been reduced to 8.5 percent, from the earlier 8.75 percent on the term deposits with maturity of 1 year and with maturity between 1-3 years. These rates are applicable on single deposits of less than Rs.15 lacs and between Rs.15 lacs to Rs. 50 lacs. | Revised Interest Rates for Resident Indians & NRO Term Deposits
(rates on single deposits) | | Deposit Tenure | Revised rates for Less than Rs.15 lacs | Revised rates Rs.15 lacs to Rs. 50 lacs | | 14 days | 3 | 3 | | 15-45 days | 4.25 | 4.25 | | 46-90 days | 5.75 | 5.75 | | 91 days-6 months | 6.50 | 6.50 | | 6 months to 1 year | 7.50 | 7.50 | | 1 year (365 days) | 8.50 | 8.50 | | > 1 year to 3 years | 8.50 | 8.50 | | > 3 years to 10 years | 8.50 | 8.50 | Earlier, SBI had slashed the interest rates on term deposits by 50 basis points on various maturities. One of the upcoming private sector banks in India, the Development Credit Bank (DCB) has a network of 80 state-of-the-art branches in ten states and two union territories and a network of over 30,000 ATMs. The bank recently launched its IPO which was oversubscribed by 35 times. |
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