Date:02/03/2007 URL: http://www.thehindubusinessline.com/2007/03/02/stories/2007030201542100.htm

Back Kerala co-op banks hike interest rates

Our Bureau

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Thiruvananthapuram, March 1 The interest rates for deposits in cooperative banks in Kerala have been raised.

As per the revision, the maximum rates will be 6.50 per cent, 6.75 per cent and 7.50 per cent for periods between 91 days and 179 days on deposits in state, district and primary cooperative banks, respectively. For periods between 180 days and 364 days, the new rates will be 7, 7.50 and 8.25 per cent, respectively.

For periods between one and five years, the revised rates will be 9, 9.25 and 9.50 per cent, respectively, for deposits in state, district and cooperative banks, according to an official release.

EXTRA INTEREST

These apart, 0.25 per cent additional interest will be paid for deposits above Rs 5 lakh in primary cooperative banks, above Rs 10 lakh in district cooperative banks and above Rs 15 lakh in state cooperative bank. Senior citizens will get additional interest between 0.50 per cent and one per cent.

The banks have also been permitted to start special deposit schemes at higher interest rates for 400, 500 and 600 days till March 31 this year. This will be in addition to the existing special deposit schemes for 100, 200 and 300 days.