Bangalore: Vijaya Bank has launched a new long-term deposit scheme that offers a higher return to those who are willing to invest funds for a minimum of five years.

The `Vijaya Platinum Jubilee Term Deposit' offers an additional interest of 0.50 per cent a year to a depositor over the base rate applicable on term deposits of five years and above, the bank said in a statement here.

According to the new scheme, senior citizens will be entitled to an interest rate of 8.5 per cent a year while other depositors will get 7.75 per cent.

The bank will accept deposits under the new scheme for periods ranging from five to ten years, and the depositor has the option of receiving the interest either periodically or on the date of maturity of the deposit. The bank is offering its `Classic" credit card free for the first two years to those who invest Rs. 50,000 and above under the scheme.

Syndicate Bank rates up

The public sector Syndicate Bank has raised home loan rates across the board by 0.75 per cent to 1.25 per cent with effect from Tuesday.

With this increase, home loans up to five years will attract a floating interest rate of 8.25 per cent and fixed interest of 9.5 per cent, a statement from the bank said here. As per the revised rates, for loans between five and ten years, the revised rates will be 8.75 per cent (floating) and 10 per cent (fixed). The floating rate for housing loans between 10 and 20 years will be 9 per cent and for loans above 20 years and up to 25 years, the revised rate will be 9.25 per cent.

Stock option

Karnataka Bank Ltd. has secured shareholders' approval to introduce a stock option scheme for its 4,450 employees.

The management of the bank plans to issue, grant/allot up to one per cent of the authorised share capital of the bank, translating to a maximum of 15 lakh equity shares, as stock options to eligible present and future employees and directors of the bank. The Employees Stock Option Scheme (ESOS) of the bank entitles option holders to subscribe to equity shares of the bank at Rs. 10 each subject to necessary provisions and approvals.

The proposal to introduce stock options for employees was passed by the shareholders at the annual general meeting of the bank held in July.

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