Friday, December 5, 2014

#Vijaya Bank reduces bulk deposit rates

#Vijaya Bank reduces bulk deposit rates
Vijaya Bank has reduced interest rates in respect of term deposit of Rs.1 crore and above for the maturity period of 181 days to less than 1 year by 0.10% & for a period of 1 year by 0.15%.  Accordingly, the rate of interest for a period of 181 days to less than 1 year will be 8.50% p.a. & for 1 year it will be 8.75% p.a.   The revised rates will come into effect from 5th December 2014.

Bulk deposits are normally deposits of more than Rs.1 crore and are raised from corporate clients. Typically, these come at a higher interest cost compared with retail deposits.