NEWS & ADVICE : FIXED DEPOSITS
Indian Bank cut its deposit rates
By Neelima Shankar
Dec 17, 2008
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Public sector, Indian Bank has revised down the interest rate on domestic term deposit of various maturities.

The revised interest rates of the bank stood as follows:

Tenure of the depositInterest Rate EarlierInterest Rate Now

40 days to 90 days

7.50%

6%

91 days to 120 days

8%

7%

2years to less than 3 years

9.50%

9.25%

3 years to less than 5 years

9.50%

9.25%

5 years and above

9.50%

9%

These new rates are applicable from December 15th.

"Interest rates for all other slabs and other terms and conditions remain unchanged," informed the bank.

Recently a public sector bank, Union Bank of India has reduced its benchmark prime lending rate (PLR) by 75 basis points to 12.5%.

Banks are cutting down their interest rates after receiving signals from RBI that reduced short term key policy rates by 100 basis points. The new repo and reverse repo rate stand at 6.5% and 5% respectively.

 


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