Syndicate Bank revises interest rates upwards

Bangalore, Feb 2 (UNI) Public sector Syndicate bank today effected an upward revision in interest rates on domestic term deposits by one percentage point at nine per cent for terms upwards of three years.

The SyndTax Shield Deposit scheme would now earn nine per cent interest with effect from February five, from the earlier rate of eight per cent. The rate of interest on deposits by senior citizens had been fixed at ten per cent for a tenure of three years and above, a bank release here said today.

For short term deposits like deposits up to three years, the interest rate would be 8.50 per cent, up 0.75 per cent from the existing rate of 7.75 per cent. The new rates would be in force till March 31, 2007, the release added.

UNI