Date:06/10/2006 URL: http://www.thehindubusinessline.com/2006/10/06/stories/2006100602910600.htm

Back Syndicate Bank hikes deposit rates

Our Bureau

Bangalore, Oct. 5

Public sector Syndicate Bank has hiked deposit rates for maturities between three and five years to 8 per cent.

A bank release said here Thursdaythat this rate would apply to both bulk and retail deposits during the festive season, between October and December. Currently, rates for retail deposits in this maturity category is 7.25 per cent and for bulk deposits it is 7.5 per cent.

The release said that rates for all other maturities were left unchanged. After the rate hike, the three to five year deposit rates of Syndicate Bank are higher than the five-year plus rates. Currently, the five-year plus deposit rates are between 7.5 and 7.75 per cent for retail and bulk deposits respectively.