Tamil Nadu - Tiruchi   

Bank hikes interest rate

TIRUCHI: The REPCO Bank , a Government of India enterprise under the control of the Union Ministry of Home Affairs, has hiked the interest rate on deposits with effect from December 22 till March 31, 2011 in connection with its 41st anniversary celebrations .

T.Rajendran, Assistant General Manager, REPCO Bank, said the rate of interest for ordinary citizens will be five per cent per annum for deposits for 30 to 45 days, 5.50 per cent from 46 days to 89 days and nine per cent for one year to three years.

He said that for senior citizens (those who have completed 60 years of age) and those who had opted for retirement under voluntary retirement scheme and those who had retired after completing 58 years of age in Government and public sector service, the interest rate will be 9.75 per cent. He said the bank had now announced two schemes ‘Repco 41 Income' and ‘Repco 41 Growth' under which the interest rate on deposits had been increased to 9.25 per cent for ordinary citizens for a period of 15 months and 10 per cent for senior citizens.

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