Mumbai: State-run lender Dena Bank today hiked interest rates on fixed deposits in various time buckets with immediate effect.
For retail term deposits in 7-45 days maturities interest rates have been increased by 100-175 points, the bank said.
It however reduced rates on term deposits above 45 days by 25-50 basis points.
For bulk deposits up to Rs 5 crore, short term rates are increased by 25 basis points to 225 basis points for maturity period up to 90 days whereas long term deposit rates are reduced by 25 basis points, it said in a release.
The non-resident (external) NRE term deposit rate has been reduced by 25-50 basis points.
The bank also reduced the rate of interest on FCNR (B)/ RFC for all maturity periods with effect from February 1.
