Excelsior Correspondent
JAMMU, May 7: The customers of Ellaquai Dehati Bank (EDB) will now receive more interest on their investments, as the bank has enhanced the rate of interest on term deposits.
According to a press release issued by the bank, the interest rate for term deposits has been enhanced with effect from May 1, 2014 and now the depositors will receive more interest on their investments with the bank.
As per the release, the rate of interest for one year has been enhanced by 0.85 basis points (i.e. from 8.25 percent to 9.10 percent pa) 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.
The bank has also 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, the release mentioned.
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