Five state-owned commercial banks have made a decision to decrease the rate of interest on their existing fixed deposit schemes by up to 0.50 percentage points.
Sonali Bank managing director Pradip Kumar Dutta told New Age on Sunday that the new decision would be implemented from June 1 (today). But the clients, who earlier opened fixed deposit scheme with their banks, will receive the interest according to the previous rate, he said.
Pradip said the high-ups of the five banks — Sonali, Janata, Agrani, Rupali and BASIC — had made the decision last week in a bid to decrease the rate of interest on their lending products.
The businesspeople have long been demanding a decrease in the interest rate on lending and the latest decision will play a role in making a decision in this regard, he said.
From today, Sonali, Janata and Rupali will offer interest rate at 7.50 per cent on FDR scheme of three months or above and less than six months instead of existing 7.75 per cent.
The three banks will offer interest rate at 7.75 per cent on FDR scheme of six months or above and less than one year instead of existing 8 per cent.
Agrani Bank will offer interest rate at 7.25 per cent on FDR scheme of three months or above and less than six months while clients of the bank will get 7.75 per cent on the FDR of six months or above and less than one year.
BASIC Bank will offer interest rate at 7.30 per cent on FDR of one month, 7.50 per cent for three months or above and less than six months, and 7.70 per cent for six months or above and less than one year.
The five banks, however, will offer the rate of interest at 8 per cent on the FDR for one year and above.
The branch managers of the banks will be allowed to change the interest rate by taking permission from their respective management if the fixed deposit amount stand at five crore or above.