At Head Office at 10 am, His Excellency Dr. Hansraj Bhardwaj, Governor of Karnataka inaugurated the Centenary Celebrations and unveiled the Centenary Logo. He lauded the excellent services rendered by the 'Mysore Bank' and wished many more such happy occassions in the years to come for the Bank. Olympian Sri Girish H Gowda was honoured by the Governor on the occassion and Bank also presented him with a small purse on the occassion.
The following attractive initiatives are being launched to commemorate the occasion.
1. Base rate is reduced by 25 basis points to 10.25 % (existing 10.50%) for all the loans and advances linked to Base rate.
2. SPECIAL DEPOSIT SCHEME – “MYBANK 100”
A Special deposit product to launch in the Centenary Year.
Period of Deposit 100 Weeks
Interest rate: 9.50% p.a (for senior citizens 0.50% extra).
The interest rate is higher by 0.50 % to 1 % over the interest rates offered by major competitors.
It is for a limited period of one week starting from 3.10.2012 to 9.10.2012.
3. INTEREST RATES SLASHED ON PERSONAL SEGMENT LOANS
HOUSING LOANS: The interest rate on housing loans reduced across the board by 75bps to 150 bps.
CAR LOANS: Interest rate reduced to 11.00% (EMI Rs.1712/lakh)
GOLD LOANS:
Interest rate on gold loans (non-agri) reduced to 13% and processing fee substantially slashed from 1.25% to 0.50% (Max Rs.1000).
4. AGRICULTURAL LOANS
In view of the drought in the state, a special campaign for sanction of Agricultural loans at the rate of 7% p.a. in all our Rural and Semi-urban branches was started in June this year.
In 142 taluks of the State where drought has been declared because of successive years of inadequate rainfall, the Bank has restructured more than 30,000 agri. loan accounts amounting to Rs.570 crores during the last one month. As per the restructuring schedule, the farmers have been given additional period of 3 to 5 years for repayment of the dues. Additional finance is also being extended to these farmers. This will ease the burden on the farmers to a great extent.
Kisan Credit Card facility, wherein loans are fixed for a five year period with an annual increase in the limit, is being extended as per the guidelines of the Reserve Bank of India. The Bank has sanctioned over 30,000 KCC accounts with an aggregate amount of Rs. 750 crores during the last two months.
A special One Time Settlement (OTS) for Tractor loans with concessions in interest rate has been recently introduced. This is expected to benefit a large number of farmers who have availed Tractor loans from our Bank.
5. MSE LOANS:
The bank is covering MSE loans upto Rs.100 lakh under CGTSME scheme where nil collateral is required. The applicable guarantee fee and annual service fee is met by the bank to encourage the growth of micro and small enterprises.
