Co. Group interest rates revised: More interest on deposits


Thiruvananthapuram: Rates of interest on major co-operative societies have been revised. Rates of interest on deposits will go up. Credit might be lowered. The rate of interest on deposits of greater than two years has been elevated from 6.5% to 7%.

Deposits for 15 to 45 days had been elevated to 5 per cent. For 3 months (46 to 90 days) the rate of interest on deposits has been elevated from 5.25 to five.5 per cent. Deposits for six months (91 to 180 days) earn 6%, for one yr (181 to 364 days) 6.25% and above one yr 70%.
The lending price has been slashed by as much as half a per cent.

The speed of discount will rely on the character of the mortgage. The choice was taken at a gathering of the curiosity dedication committee chaired by Co-operation Minister VN Vasavan. The revised charges are relevant to Major Co-operative Societies together with Agricultural Credit Co-operative Societies, Service Co-operative Banks, City, Regional Rural Cooperative, Staff and Agricultural Enchancment Societies.

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