Andhra Bank revises interest rates for domestic term deposits

Hyderabad, May 30 (UNI) Andhra Bank today announced revision in interest rates on Domestic Term Deposits with effect from June one, 2008.

According to a bank release here, the rate of interest for a maturity period of seven days to 14 days would be 2.75 per cent for less than Rs 15 lakh, Rs 15 lakhs to Rs one crore, Rs one crore to Rs five crore and above Rs five crore, while it would be 4.50 per cent for less than Rs 15 lakh and 4.75 per cent for Rs 15 lakh to Rs one crore, Rs one crore to Rs five crore and above Rs five crore for 15 days to 45 days.

For the maturity period of 46 days to 90 days, the rate of interest would be five per cent for less than Rs 15 lakh and 5.25 per cent for Rs 15 lakh to Rs one crore, Rs one crore to Rs five crore and above Rs five crore, while it would be 6.25 per cent in all categories for the period 91 days to 119 days and 120 days to 179 days.

The rate of interest would be seven per cent for less than Rs 15 lakh and Rs 15 lakh to Rs one crore for the period six months to nine months and nine months to 12 months, while it would be eight per cent for Rs one crore to Rs five crore and above Rs five crore for the period six to nine months and nine months to 12 months.

Deposits for the maturity period of one to two years, two to three years, three to five years and five to ten years would be a flat 8.75 per cent, 8.50 per cent, nine per cent and 8.75 per cent respectively in all categories.

The rate of interest for senior citizens would be 0.50 per cent higher for all maturity periods, the release added.

UNI VA GD 1548