Andhra Bank has increased the interest rate on the certain short-term buckets by up to 200 basis points for bulk deposits.
The public sector bank will offer 8 per cent on 91-119 days deposits compared with 6.50 per cent earlier and 8.50 per cent on 120-179 days deposits from 6.25 per cent earlier. The hike is applicable on deposits above Rs 1 crore in the respective tenures. The window is available only till this month-end.
The total deposits rose by 33.43 per cent to Rs. 40,759 crore at end of June 2007 from Rs. 33,058 crore a year ago.