Andhra Bank hikes rates on term deposits

Andhra Bank has hiked interest rates on domestic term deposits effective August 8. The rates on deposits of less than Rs 1 crore for 46-90 days is now 6 per cent, from 5 per cent earlier; while for 91-179 day tenor, it is 7.25 per cent (7 per cent); for 6 months to less than one year, it is 8.50 per cent (8 per cent); for 1-3 years, the rate is 9.40 per cent; and for 3-5 years, it is 9 per cent (8.6 per cent).

On deposits of Rs 1 crore and above, it is 8.6 per cent (8 per cent) for six months to less than one year, a bank release said. On Rs 1 crore to less than Rs 5 crore, the rate has been increased to 9.6 per cent (9.5 per cent) for one year to less than three years. For 5-10 years, is 9 per cent (8 per cent) on deposits of up to Rs 10 crore.