<< Public Sector Undertaking (PSU) Ban... << Maruti Celebrates its Silver Jubilee...
State-Run Indian Bank Slashes Fixed Deposit Rates

Author Name: Avijit Bajpai



Adding woes to the injuries of customers in current economic turmoil, Indian Bank today slashed its fixed deposit interest rates across various schemes by up to 150 basis points. The news came a day after the drizzle of hope with all PSU banks including Indian Bank trimmed down the home loan interest rates.

The new rates will be affected from December 15. For fixed deposits having a maturity period of 46-90 days, the rate has been reduced from 7.5 percent to 6 percent. Similarly for domestic term deposits extending through period of 91-120 days, the interest rate has been adjusted at 7 percent and for 2 to less than 3 years deposits it would be 9.25 percent.

The rate for a term deposit of 3 to less than 5 years has been fixed to 9.25 percent, and for more than 5 years, the rates would be 9.25 percent.Last week the Union Bank reduced its Prime Lending Rate (PLR) to 12.5 percent after RBI signaled a reduction in short term borrowing and lending rates by 100 basis points each.
 
Latest E-youth
Relevance of Economy News
With the increase in liberalization, privatization and globalization of the economies, people of a given nation are more involved and thereby make greater contribution to their country's economic More..
Key Indicators for Economic Growth 
The 'most recognized' indicators used for assessing a nation's economic growth are 'GDP' (Gross Domestic Product), 'GNP' (Gross National Product) and Balance of Payments. More..
Gross Domestic Product (GDP) - A Primer
In addition to being one of the most useful and trusted indicators of a nation's economic growth since decades, GDP also hints at the standard of living which the people of the country share. More..
Current State of Global Economy
The current state of Global Economy can be compared to that of a giant ship that existed, by the name 'Titanic'. This huge object was projected as something that was 'unsinkable'. More..
United States Economy
The US economy is the largest economy of the world. It is the most significant part of the world economy and can affect the international trade drastically More..
Overview of China's Economy
China's economy has been ranked as the world's fastest growing economy that has succeeded to escalate even after being the most populous nation of the world. More..
Major Economies of the World
To understand the World Economy well, you must attain the in-depth knowledge along More..
Singapore Economy - An Overview
The Singapore economy is also termed as the free-market economy or the capitalist mixed economy. More..
Indian Economy - An Overview
Over the recent years, the Indian economy has emerged as a star in the global economy. The world economy has witnessed the Indian economy surging ahead overcoming all the obstacles and breaking the barriers. During the year 2007, the growth of this dynamic economy was measured to be 9.2 percent. The reasons behind the rapid growth of the Indian economy are the markets reforms supported by huge FDI inflows, More..
G20 – An Overview
The G20 is a collaborative effort of 20 finance ministers and central bank governors from 19 economies of the world along with the European Union formed to cooperate and consult on matters relating to international financial system. Along with the European union the G20 group includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Korea, Turkey, the United Kingdom, United States, More..
   Contact Us | About Us   Copyright © 2008 EconomyNews.in