Mangaluru: Mangalore Catholic Cooperative bank has increased rates of interest on fixed deposits. It was decided in the Executive Committee meeting.
President of MCC Bank Anil Lobo in a news release stated that the rate of interest on fixed deposits between one and two years is increased from 7% to 7.5% and those above two years from 6.75% to 7%. The rates of interest will apply to NRI deposits too.
Fixed deposits by senior citizens will fetch 8% interest instead of the previous 7.5%, for deposits between one and two years, and 7.75% instead of 7.25% for deposits of more than two years. The new rates of interests will be applicable from Sep 20, 2018.
The president has requested people to make use of this facility. He also stated that the bank lends loans for various needs at competitive rates of interest.
