Syndicate Bank to reduce Fixed Deposit rates by half per cent

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Kochi, Nov 11 (UNI) Syndicate Bank will reduce by half per cent from December one its interest rates on fixed deposits with maturity periods of one year and above, bank CMD George Joseph said here.

Addressing a press conference last night, Mr Joseph said the bank had also recently announced a 75 basis points reduction in housing, automobile and education loans.

Stating that the bank had achieved all-round growth in the quarter ending September, 2008, he said the global business of the bank grew by 20 per cent and stood at Rs 165,243 crore compared to the same period last year.

The domestic business as on September 30, 2008 increased by 21 per cent to Rs 154,799 crore.

Sounding bullish about the bank's expansion plans, Mr Joseph said Syndicate Bank planned to open 75 new branches this year, focusing on the states of Chattisgarh, Jharkhand and Orissa.

Describing these states as the potential growth areas of the future, Mr Joseph said the bank had already identified 'project centres' in these states.

Mr Joseph, who was here to attend the opening of the Syndicate Bank's 149th branch in Kerala, at Muvattupuzha, said the bank would open three more branches in the state this year.

However, Syndicate Bank had no plan to open any overseas branches as it would like to concentrate on the domestic market, he added.

Forging ahead with its technology drive, Syndicate Bank planned to cover all its 2,187 branches under core banking system (CBS) by the end of December, 2008.

While the bank could see ''some weakness'' in its borrower portfolio because of the economic slowdown, it was confident of maintaining its net NPA at the current 0.92 per cent, he added.


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