Indore Bank to offer new interest rates

STATE BANK of Indore will offer new interest rates under its ?Deposit Savings Month? from Friday. This special offer will be up to December 31.

STATE BANK of Indore will offer new interest rates under its ‘Deposit Savings Month’ from Friday. This special offer will be up to December 31.

HT Image

Bank General Manager (Planning and Development) Sanjay Kumar Singh said that depositors could get multiple benefits by investing in this scheme.

The Bank will offer interest rate of 7.75 percent on a deposit of less than Rs 15 lakh fro one to three years and 8 percent for a period of more than three years. The interest rate will be 8 percent on deposit exceeding Rs 15 lakh but below Rs one crore for one year.

The Bank will offer special interest rates for senior citizens. They will get interest at 8.25 percent for deposit below Rs 15 lakh for a period of one to three years while the interest rate will be 8.50 percent for a period of more than three years.

The interest rate for senior citizens will be 8.50 percent on deposit of more than Rs 15 lakh for a period of above one year.

Interest will be paid to the customers every three months. For a deposit of less than Rs 15 lakh, the interest rate will be 7.98 percent for one to two years, 8.30 percent for 2-3 years, 8.94 percent for 3-5 years and 8 percent for more than 5 years.

If the amount is more than Rs 15 lakh, the interest rates will be 8.24 percent, 8.58 percent, 8.94 percent and 9.72 percent for various time periods.