Private sector lender Development Credit Bank today slashed interest rates on deposits by up to 0.5 per cent across different tenure with immediate effect.
The bank has cut interest rates by 0.5 per cent for deposits up to one year maturity and by 0.25 per cent for those having 1-3 year’s maturity, a release here said.
The interest rates for deposits with one year tenure and 1-3 years, have been reduced to 8.5 per cent against 8.75 per cent earlier, the bank said.
Similarly, revised interest rates for deposits of 15-45 days, 46-90 days and 91 days-6 months and 6 months to 1 year, are 4.25 per cent (4.75 per cent), 5.75 per cent (6.25 per cent), 6.5 per cent (7 per cent) and 7.5 per cent (8 per cent), the bank said.