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Banks Slash Deposit Rates
Monday, August 06, 2007

The State Bank of India has cut rates on some fixed deposits with effect from 6th August, 2007. Fixed deposits for a term of 1-2 years have been reduced by 0.25% to 8%, while the rates on deposits of 3-10 years have been raised to 8.5%.

The banks have left lending rates at their current level, and are likely to remain so for another 3 months before any change is considered.

Several banks have exercised the same option of reducing interest rates following the credit policy review last week, and others are expected to follow suit, to push up their profits.

Andhra Bank has signed a memorandum of understanding with Crisil and CARE who will rate the bank’s credit customers. This rating is now mandatory to create every customer’s risk profile to fix the lending rate for each customer. The Reserve Bank has recognised 4 rating agencies which banks can engage for the purpose.

Bank deposits have performed better by 24.4% as against 16% increase last year. Credit extended has hit a low of 23.7% as against 31% prevailing over the last few years.

Related Readings

» 0.5 % Hike in CRR, key bank rates unchanged: RBI
» State Bank Hikes Interest Rates on NRI Deposits
More Banks Raise Interest Rates on NRI Deposits

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