Depositors of PMC Bank to get pre-Covid interest rate | India News

MUMBAI: Retail deposits at Punjab & Maharashtra Cooperative (PMC) Bank will continue to earn the higher interest rates offered by the bank at the time of the moratorium in September 2019 until March 2021. This is despite the fact that all banks have brought down interest rates following the sharp rate cuts by the RBI in the wake of the pandemic.
The high rates for two years will help compensate for the five-year interest holiday from March 2021. Although interest for subsequent years on high value deposits that are locked in will be capped at a return equivalent to the savings bank rate of SBI, the depositors will have an upside. Bankers said that as Unity SFB will be a startup bank with a high capital base, it will have every incentive to offer better terms to depositors and restore their confidence to ensure that thIn terms of the resolution plan, customers with up to Rs 5 lakh will get their money immediately as this would be made available by the Deposit Insurance and Credit Guarantee Corporation. Those with deposits up to Rs 10 lakh will get most of their funds in four years, while those with deposits above Rs 15 lakh will have to wait for 10 years.

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