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Banks revise deposit rates

Banks have revised deposit rates

Apnaloan.com Research Bureau

02 Nov 2007

The 50-basis-point CRR hike by the RBI in its midterm monetary policy review has led to several banks revising interest rates on fixed deposits.

For instance, Centurion Bank of Punjab announced a cut of 0.50 per cent on fixed deposits for one year and above, from 8.5 per cent to 8 percent.

There is also a 0.25 per cent cut fixed deposits for the 13 months and 15 days term, to 9 per cent.

State Bank of India cut its peak interest rate on the 550-day deposit by 25 basis points to 8.75 per cent. 

The bank has also rejigged deposit tenures. The bank was offering 8 percent on deposits of1-2 years; it will now offer 8 per cent interest on 1 year to 549-day deposits, 8.75 per cent on 550-day deposits, and 8 per cent on deposits over 550-day deposits to two years.

Other banks, such as Union Bank of India and Punjab National Bank had cut their deposit rates across various maturities last week.