From THE HINDU group of publications
Sunday, December 10, 2000
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From THE HINDU group of publications Sunday, December 10, 2000 |
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Pvt banks lower deposit rates
The surge in liquidity following the India Millennium Deposits (IMD) has caused several private sector and foreign banks to cut their deposit rates by 25-75 basis points.
The cut in interest rates on short-term deposits is higher than those with long-term maturities. Global Trust Bank has reduced its short-term deposit rates by 25 to 75 points, effective from December 1, while HSBC has reduced its rates by 25 to 50 points. IndusInd Bank was the first to cut interest rates last week.
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