Dena Bank hikes term deposit rates upto 50 basis pts

Mumbai, May 20: Dena Bank has decided to increase its interest rates on term deposits by 25 to 50 basis points effective May 22.

Accordingly, interest rates on term deposits with maturity period of 3 years to less than 5 years have gone up by 25 basis points to take it to 7 per cent upto Rs 15 lakh, said the Bank's press release issued here today.

Similarly, the Bank has also increased the interest rates on deposits for maturity period of 5 years to 10 years by 50 basis points pegging it at 7 per cent.

The Bank has introduced differential rates of interest for term deposits for Rs 15 lakh to less than Rs 1 crore. The rates for such deposits are 25 basis points higher than that of less than Rs 15 lakh slab.

The Bank said it is already offering attractive interest rates on all the maturity periods. The revised will be applicable on all NR (non-resident) deposits also.

UNI