Date:19/09/2006 URL: http://www.thehindubusinessline.com/2006/09/19/stories/2006091903090600.htm

Back KVB hikes term deposit rates

Our Bureau

Coimbatore, Sept. 18

Karur Vysya Bank has increased the interest rate on domestic term deposits with immediate effect.

For tenure of one and two years, the rate has been hiked by 50 basis points from 7.25 per cent to 7.75 per cent. For maturity period of two and three years, the rate has been increased by 75 basis points to 8 per cent (7.25 per cent) and for deposits between three and five years, the new rate is 8.25 per cent (8 per cent).

For tenure beyond five years, the rate has been fixed at 7.75 per cent against the earlier level of 7.50 per cent. The time deposit rates have also been revised. The 15 to 45 days deposit would fetch interest at 5 per cent, while it would be 25 basis points higher at 5.25 per cent for the 46 to 90 days deposit. The 91 to 179 days deposit would attract interest at 6 per cent while those beyond 180 days up to one year would fetch interest at 6.75 per cent.