From correspondents in Maharashtra, India, 10:32 PM IST
Bank of Rajasthan, a technology driven private sector bank, has announced an increase in interest rates on fixed deposits across different tenure with effect from 21st July 2008. This hike in interest is going to benefit the bank’s more than 2 million customers across the country. Thus, bank keeps its pioneer status in customer friendly gestures.
The Bank has introduced a new slab of 500 days with a very attractive interest rate of 10 % per annum. This slab provides one of the highest yields in the market and is ideal for customers looking to invest in a medium term fixed deposit. For senior citizens interest will 10.25%.
Two more new slabs are introduced with an eye-catching interest rate, for a period of 12 months to 16 months 13 days interest rate will be 9.75% and for a period of 16 months 15 days to 36 months interest rate will be 9.5%. Also, bank has increased the rate of interest for 3 years and above from 8.75% to 9%.
For a tax savvy customers looking to invest in tax-saving instruments, Bank of Rajasthan Tax saving scheme is now offering an interest rate of 9.5% as against 9% earlier.
The revised interest rate table is appended below:
Revised Interest rates on Domestic Term Deposits (including NRO deposits)
(Effective from 21.7.2008)
(Rate of interest % p.a.)
PERIOD
Revised Rate of Interest
7 days to 14 days*
4.00%
15 days to 45 days
5.25%
46 days to 90 days
5.50%
91 days to 120 days
7.00%
121 days to 179 days
7.50%
180 days to 364 days
8.25%
1 year to 16 months 13 days
9.75%
16 months 14 days (500 days)
10.00%
16 months 15 days to 3 years
9.50%
Over 3 years
9.00%
* Minimum Rs. 1.00 lac
Previous Interest rate on Domestic Term Deposits (Including NRO deposits)
(effective from 01.07.2008)
(Rate of interest % p.a.)
Period
Interest rate For Deposits below Rs. 50.00 lacs
Interest rate For Deposits of Rs. 50.00 lacs and above
7 days to 14 days*
4.00%
4.00%
15 days to 45 days
5.25%
5.25%
46 days to 90 days
6.00%
6.00%
91 days to 120 days
7.00%
7.00%
121 days to 179 days
7.50%
7.50%
180 days to <1 year
8.25%
8.25%
1 year to <21 months
9.30%
9.00%
21 months
9.50%
9.00%
>21 months to 36 months
9.00%
9.00%
More than 36 months
8.75%
8.75%
* Minimum Rs. 1.00 lac
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