Corporation Bank to further hike interest rates on domestic deposits

New Delhi, Jan 24 (UNI) Corporation Bank today said it will further hike interest rates on domestic term deposits from the present 8.25 per cent per annum.

''We are looking at it. We have a meeting due this month-end...

We were the first ones to increase the interest on domestic deposits for senior citizens four months ago,'' bank Chairman and Managing Director B Sambamurthy told reporters here.

The bank revised interest rates on domestic term deposits from January 9.

For term deposits of less than Rs 15 lakh, the revised interest rates at present are 5.25 per cent (from 4.75 per cent earlier) for maturity period of 30-45 days, 5.5 per cent for 46-90 days, 6.25 per cent (from 5.75 per cent) for 91-179 days, 7.25 per cent (from 6.5 per cent) for 180 days to less than one year, 8.25 per cent (from 7.25 per cent) for one year to less than three years and 7.5 per cent for three years to less than five years.

The state-run commercial bank posted a double-than-expected jump in its net profit for the third quarter ended December 31, 2006 at 27.24 per cent.

Its net profit stood at Rs 146.42 crore as against Rs 115.07 crore for the corresponding period an year ago. The markets had expected the bank to clock a net profit Rs 131 crore, a growth of 13.5 per cent.

UNI