Corporation Bank has increased the rate of interest on term deposits for different bands from six months to less than two years with effect from November 8.
The revised interest rates are as follows: For maturity band from six months to less than nine months, the rate of interest for deposits of less than Rs 15 lakh has been increased to 7.10 per cent (six per cent).
For maturity band from nine months to less than 12 months, the interest rate for deposits of less than Rs 15 lakh has been increased to 7.10 per cent (6.25 per cent).
For maturity band from 12 months to less than two years, the interest for deposits of less than Rs 15 lakh has been increased to 7.50 per cent (seven per cent).
Base rate
The bank has increased the base rate for lending by 50 basis points from 7.75 per cent a year to 8.25 per cent from November 8.
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