Dena Bank cuts deposit rates by 50 basis points

Dena Bank has reduced interest rates on Dena Diamond deposit scheme by 50 basis points to 9 per cent from 9.5%. P L Garodia, Chairman and Managing Director, Dena Bank was quoted in DNA saying the rates were slashed to protect bank’s margins. He also predicted a rise in lending rates within the next one to two months owing to credit growth.