Syndicate Bank today said it has cut deposit rates by up to 75 basis points across various maturities effective from October 7.
The 15-45 days' fixed deposits would earn an interest rate of 2.75 per cent against earlier level of 3.5 per cent, a decline of 75 basis points.
At the same time, interest rate on 46-90 days' term deposits have also been revised downward by 75 basis points to 3.75 per cent.
However, fixed deposits of 91-180 days would now earn 5 per cent against 5.5 per cent, while deposit rates of 181 days' to a year's term have been slashed by 75 basis points to 5.75 per cent.
For term deposits between 2-3 years rates have been reduced by 50 basis points to 6.75 per cent. The rate for 3-5 years' term deposit has also been reduced by 50 basis points to 7 per cent.
Shares of the bank were trading at Rs 96.75, up 1.36 per cent in afternoon trade on the Bombay Stock Exchange.
Last week, the bank slashed interest rates on housing and vehicle loans for a limited period up to March 2010. Under the scheme, the bank is providing housing loans at 8.25 per cent for the first two years on loans up to Rs 30 lakh and 9.25 per cent for loans above Rs 30 lakh.
The prime lending rate (PLR) of the bank stands at 12 per cent and the home loan is available at PLR minus up to 2.5 per cent.
