ING Vysya Bank launches Active Deposits

Hikes term deposit rates by up-to 1.75% and reference rate by 0.50%

ING Vysya Bank launched ‘ING Active Deposits’, the new deposit is aimed at customers who have surplus funds, on which they would like to earn higher returns but need the security of instant liquidity.

ING Active Deposit allows customers to decide the tenor, thus allowing them to earn better returns and enjoy the power of liquidity, with the instant withdrawal feature. The instant withdrawal feature allows a customer to withdraw the deposit either at the ATM or through a cheque. If the customer needs only a portion of the funds, ING Active Deposit is broken only for the amount withdrawn, while balance of the term deposit continues at the original rate.

To coincide with this launch, ING Vysya Bank increased Term Deposit rates across all tenors, effective from today, August 25th, 2010. Now customers can earn up to 8.00% on deposits, enclosed is the revised rates, across all tenors.

The five year Tax Advantage Deposits, which allows the customer to claim income tax exemption under Sec 80c has been increased to 8%, making it an attractive long term investment option.

Interest rates across various maturity slabs for all categories are as under:
 

Maturity Slab	Current rates (%) upto Rs. 1cr. All rates are PA.	Earlier rates (%) upto Rs.1cr. All rates are PA
7 to 15 days	3.00%	3.00%
16 to 30 days	3.50%	3.25%
31 to 60 days	4.00%	3.50%
61 to 91 days	6.00%	4.25%
92 to 182 days	6.50%	5.25%
183 days to 364 days	7.00%	5.75%
365 days	7.50%	7.00%
366 days to 729 days	7.50%	6.75%
730 days to less than 5 years	7.75%	7.00%
5 years to 10 years	8.00%	7.00%

Interest Rates for Senior Citizens:
 

Maturity slab	Current rates (%) upto Rs. 1cr. All rates are PA.	Earlier rates (%) upto Rs.1cr. All rates are PA.
92 to 182 days	6.75%	5.50%
183 days to 364 days	7.25%	6.00%
365 days	7.75%	7.25%
366 days to 729 days	7.75%	7.00%
730 days to less than 5 years	8.00%	7.25%
5 years to 10 years	8.25%	7.25%

The bank has also increased the ING Vysya Reference Rate (IVRR) by 50 bps, effective September 1st, 2010.

ING Vysya Bank Ltd is a premier private sector bank with retail, private and wholesale banking platforms that serve over 2 million customers. With over 75 years of history in India and leveraging ING’s global financial expertise, a workforce of 6,485 employees staff, 874 outlets to offer their clients an increasingly broad range of innovative and established products and services.

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries.  With a diverse workforce of about 107,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.