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Banks to increase term deposit rates
Wednesday,5th September 2007
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Banks offer fixed deposits with tenures ranging
from 7 days to 5 years and above. Majority of these come in the one to three
year bracket, with 8.5 to 9.0 per cent interest rate.
According to the Reserve Bank of India data, term deposits grew 24.9 per cent in 2006-07 compared with 16.4 per cent a year ago. Demand deposits, on the other hand, grew just 16.7 per cent, compared with 26.5 per cent in 2005-06. However, the lack of adequate deposits with banks to meet loan demand has become a non-issue with a sharp slowdown in credit growth recently. In the first four months of the current financial year, bank deposits grew by 5.2 per cent, while credit grew by 0.5 per cent, according to data from the Reserve Bank of India. |
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