THIRUVANANTHAPURAM: Depositors will get more returns on fixed deposits with the Kerala Bank and Primary Agricultural Credit Societies (PACS) with the new interest rate revision. Deposits up to two years will get an additional 0.5% and those above two years 0.25%.
A statement issued by Cooperation Minister V N Vasavan’s office said the rate revision comes during the deposit mobilisation drive of the bank. This year’s target is Rs 9,000 crore.
The target set for Kerala Bank is Rs 1,750 crore, Kerala State Co-operative Agricultural and Rural Development Bank, Rs 150 crore, and other cooperative banks Rs 7,250 crore. Banks have been asked to ensure that up to 30% of the new deposits are savings or current accounts.
New interest rates (in %)
Period PAC Kerala Bank 15-45 days 6 5.50
46-90 days 6.50 6
91-179 7 6.25
180-364 7.25 6.75
1-2 years 8.25 7.25
2 years and above 8 7