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THIRUVANANTHAPURAM, March 6

THE co-operative banks in the State have reduced the interest rates on fixed deposits.

Accordingly, the State Co-operative Bank will now pay an interest of 4.75 per cent for deposits between 15 and 45 days, while the district co-operative banks will pay five per cent and the primary banks 5.50 per cent for the same duration.

For deposits between 46 days and 179 days, the new rates will be 5.75 per cent, six per cent and six per cent, respectively, for the State, district and primary banks.

The rates for deposits between 180 days and one year will be 6.25 per cent, 6.50 per cent and seven per cent, while deposits between one year and three years will be paid seven per cent, 7.5 per cent and 7.75 per cent, respectively.

Deposits above three years will get 7.25 per cent, 7.5 per cent and eight per cent respectively.

According to an official statement, the new rates will be effective from February 22. The rates will be 0.5 per cent higher for deposits made during the deposit mobilisation period between March 1 and 31.

The interest rates for short-term agricultural loans have also been revised and accordingly, the State Co-operative Bank will extend loans to the district banks at nine per cent, district banks to primary banks at 9.5 per cent and primary banks to beneficiaries at 10.5 per cent.

In the case of non-agricultural loans, the State Co-operative Bank will extend refi- nance to district and primary banks at interest rates of 10.50 and 11 per cent, respectively.

For individual loans given directly by the district banks, the State Co-operative Ban will provide refinance at the rate of 11 per cent.

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