Bank Staff Union Flays Pay Panel Suggestions

Garden Finance Ltd, a group net worth company of over Rs 400 crore, has revised its interest rates on fixed deposits from January 14, 1997. The company will be paying in its Annual Scheme 19 per cent interest on a one-year deposit, 19.5 per cent on a two- year deposit and 20 per cent on a three-year deposit. The company has also launched Double Your Money Scheme in 46 months giving a yield of 26.5 per cent.

BCL Financial Services Ltd, part of the Todi-Rungta group, has hiked the interest on its 60-month cumulative fixed deposits to 19.75 per cent. The 60-month cumulative programme will now give an yield of 29.25 per cent per annum. The company has come out with new rates for the non-cumulative deposits wherein monthly interest payable works out to 17 per cent on one year deposits.