State Bank of Travancore (SBT) has announced a fresh hike, the third in almost as many weeks, in the interest rates for NRE term deposits.
New Year gift
The new rates, described as a New Year gift to customers, will be effective from January 1, 2012, for fresh as well as renewal of maturing deposits, a bank spokesman said here.
The revised interest rate for deposits for a period of one year to less than three years will be 9.50 per cent (clubbing existing buckets of 1 year to less than 2 years at 8 per cent and 2 years to less than 3 years at 7.50 per cent).
The interest rate for a period of three to five years will be 9.25 per cent (7 per cent). These are among the highest offered by public sector banks, the State Bank Group, and major private banks in Kerala.
The spokesman also announced the shifting of the Vellayambalam branch in the city to new premises at Ground Floor, ‘Yathrika,' Vellayambalam, Sasthamangalam P.O., Thiruvananthapuram-10.