Syndicate Bank hikes deposit rate to 8.5%

Keeping up with other lenders, state-owned Syndicate Bank today announced raising of interest rate on term deposit above Rs 1 crore by 75 basis points to 8.5 per cent.

Term deposit above Rs 1 crore with maturity period between 3-5 years has been increased by 75 basis points to 8.5 per cent, Syndicate Bank informed the Bombay Stock Exchange.

The new rate would be effective from December 2, 2010, it said. However, interest rate on other maturity slabs is unchanged.

Other lenders like Punjab National Bank, Allahabad Bank, State Bank of Bikaner and Jaipur raised deposit rates on select maturity earlier this week to attract more resources.