Karnataka - Bangalore

Vijaya Bank hikes rate on deposits

BANGALORE: Vijaya Bank has raised interest rates on deposits of one year to less than two years by 30 basic points, from 8.5 per cent to 8.8 per cent. The revised rate will be effective from Wednesday. “Our advances, like in the previous financial, continue to grow faster than the industry, and this move is with a view to speed up our resource mobilisation accordingly,” said Prakash P. Mallya, Chairman and Managing Director of the bank in a press release on Tuesday. A decision on lending rates will be taken later, he said.

— Special Correspondent

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