Syndicate Bank Going to Reduce Interest Rate on Fixed Deposits

Syndicate Bank has decided to reduce the interest rate on fixed deposits with maturity period of one year and above by half per cent from 1st Dec this year, the interest rate will be reduced to 50 basis points from Dec one, Chairman and Managing director George Joseph said.
The bank had already lowered lending rates from Nov 4 on housing, automobiles and educational loans. The bank's net profit has showed an increase of 15% for the quarter ending Sept. this year with Rs. 262 crore as against Rs. 228 crore recorded for the quarter ending Sept last year.The gross NPA( Non Performing Asset) stood at 2.55% as against 3.07% and the net NPA decreased to 0.92% as against 0.95% in september 2007.

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