EDB raises interest rates on deposits

EDB raises interest rates on deposits

SRINAGAR: Ellaquai Dehati Bank has enhanced the rate of interest on term deposits with the bank profit witnessing a growth of more than 40 percent.
The rate of interest for one year has been enhanced by 0 .85 basis points, from 8.25 percent to 9.10 percent p.a. whereas the interest rates for above one year to 2 years and 2 years to 3 years have been enhanced from 8.25 percent to 9.00 percent and from 8.75 percent to 9.00 percent respectively.
These new will be effective May this year with depositors receiving more interest on their investments with the bank.
In as statement issued by the Bank it has recorded a growth in profit by 40.16 percent for the financial year 2013-14. The board of directors of the bank adopted the balance sheet and the profit and loss account for the year 2013-14
Expressing his gratitude to the stake holders and patrons for their unrelenting support, Chairman A K Razdan said that new technology has been introduced by the bank and provided to the customers living in far flung areas. He said that the bank will continue its efforts to provide modern banking facilities like mobile and internet banking to the customers living in villages and living on the edge. He also assured that ATM machines will be installed at strategic locations to provide round the clock banking facilities to its customers.
Razdan said the bank has a plan to recruit staff at a massive scale, at sub-ordinate and officers level during the FY 2014-15 and will provide employment to the local youth keeping in view the future plans of the bank. Bank has a plan to launch a drive to cover the farmers under KCC scheme during the month of May 2014 so as to provide them timely financial support for agriculture activities. Ellaquai Dehati Bank, a rural bank sponsored by State Bank of India.