Corporation Bank Has Planned To Hike Its Term Deposit Rates

A recent press report said that Corporation Bank has increased the rate of interest on term deposits of different bands.

The revised rates for deposits of less than Rs 1 crore are as follows:

• For maturity band from 30 to 45 days, the rate has been increased to 7 per cent from 4.50 per cent.
• For maturity band of 12 months only, the rate is 9.50 per cent (9.30 per cent for deposits of less than Rs 15 lakh, and 9.20 per cent for deposits of Rs 15 lakh to less than Rs 1 crore).
• For maturity band of above 12 months to less than two years, the new rate is 9.50 per cent (9.15 per cent).
• Senior citizens will be offered 10.10 per cent for 12 months to less than two years for deposits of less than Rs 1 crore.

The corporation bank, widely known as a private lender is also involved in offering personal loan, home loan, education loan etc. The bank had earlier announced its plan to increase its overseas presence and it is also looking at a merchant banking license through its subsidiary.