Apcob to mobilise Rs 250 crore deposits

The Andhra Pradesh State Co-operative Bank Limited (APCOB) has set an additional target of Rs 250 crore in the first phase of it's deposit mobilisation campaign starting from 15 December.

According to the APCOB officials, the additional targets were fixed as the current year's targets pertaining to new deposits have already been achieved.

Earlier it was decided to raise the total deposit base to Rs 1550 crore by the end of this financial year.

The bank officials said that the bank's present deposit base has already rose to the targeted levels. APCOB takes up special campaign for deposit mobilisation every year between November-January, stated a press release here.

The deposit period will be a minimum of 15 days, with interest rates ranging according to the deposit period.

APCOB pays 4.75 per cent interest on deposits ranging between 15-45 day period, 5.25 per cent for 46-90 day period, 5.60 per cent for 91-179 day period, 6 per cent on the deposits with a minimum period of 180 days to below one year, 6.25 per cent interest for 1 year to 2 year old deposits and 6.5 per cent for 2 years and above period.