North Malabar Gramin Bank (NMGB) has announced a rise in interest rates of fixed deposits with effect from February 11, 2011.
The interest rate on deposits of tenor in the range of 31 days to 45 days has been revised to 5%. Deposits having tenor os 91 days to 179 days will fetch the depositor an interest of 7.5%.
The 180 days to less than 1 year deposits will now have interest of 8%. Interest on 1 year to less than 3 years deposits is 9.5%.
Deposits of tenor 3 years to less than 5 years will fetch the depositor interest of 9.25%.
Senior citizens have been offered interest of 1% more than normal rates.