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Andhra Bank hikes deposit rates

Written by: Staff

Hyderabad, Jun 7: Andhra Bank has revised interest rates on domestic term deposits.

A press release here today said the interest rate for term deposits with tenures of 15 to 45 days will now be 4.50 per cent as against 4.25 per cent earlier.

For tenures of 46 to 90 days, the deposits will fetch five per cent (4.75).

For periods of 91 to 179 days, the rates will be 5.75 per cent (5.50). For six months to one year, the deposits will fetch 6.25 per cent (6.00).

However, there will be no change in the rates for tenures of one year to two years and for two to three years which currently fetch 6.50 per cent.

For periods of three to five years, the rates have been increased to 7.25 per cent (7.00) for deposits of below Rs 15 lakh There is no change in rates for deposits above Rs 15 lakh.

Similarly, interest for tenures of five years and above will be 7.5 per cent (7.25) for amounts below Rs 15 lakh.

The bank has kept unchanged the rates for deposits above Rs 15 lakh, it added.


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