KVB announces hike in interest rates

Chennai, Sep 18 (UNI) The Karur Vysya Bank (KVB) today announced hike in interest rates on domestic term deposits with effect from September 18, 2006.

A release from the bank said the rate had been hiked by 50 basis points from 7.25 per cent to 7.75 per cent for the period of one year and above and inclusive of two years.

For the period of above two years and inclusive of three year, the rate would be up by 75 basis points from 7.25 per cent to 8 per cent. For the period of above three years and inclusive of five years, the new rate would be 8.25 per cent and above five years 7.75 per cent.

For Senior Citizen deposits, the new rates of interest would be 8.50 per cent for periods from one year and for periods above and in clusive of three years, the release added.

UNI AJ VV 1936