ING Vyasya increases deposit rates; may increase rates on car loans too

ING Vysya Bank has increased deposit rates on certain maturities with effect from 4th June 2010.

The bank has hiked rates in the range of 0.50 -1.25% which means 50 – 125 basis points.

The altered rates for deposits whose maturity is within 92 – 182 days are 5.25% as against to 4.75% previously.

ING Vysya Bank announced that for deposits whose maturity tenure is 184 – 364 days, the rates would be 5.75% as against to 5% previously.

For 366 days to below 2 years, the rate has been raised to 6.50% from 5.25%, while the rate is 6.75% for maturities of 730 days – 10 years as compared to 5.75%.

The bank said that an extra 0.25% will be paid in the related brackets to senior citizens. This may mean the bank may increase its rates on car loans too.