State-run lender Dena Bank has hiked interest rates on fixed deposits in various time buckets with immediate effect.
For retail term deposits in 7-45 days maturities interest rates have been increased by 100-175 points. For bulk deposits up to Rs 5 crore, short term rates are increased by 25 basis points to 225 basis points for maturity period up to 90 days. However, long term deposit rates are reduced by 25 basis points, it said in a release.
The non-resident (external) NRE term deposit rate has been reduced by 25-50 basis points.
The bank also reduced the rate of interest on FCNR (B)/ RFC for all maturity periods with effect from February 1.
"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.