by NR INDRAN / INT

Deutsche Bank today announced that it has hiked its interest rates for domestic and NRE fixed deposits for tenors between 2-5 years. The interest rate for 2-3 years deposit is 9.25% p.a.; 3-5 years and 5 years is 9.5% p.a. With this increase in rates, the customers can earn annualized yields of 10.03% for 2-3 years, 10.84% for 3-5 years and 11.98% for 5 year deposits. This is a 110-140 basis point increase in various tenors above 2 years.

Deutsche Bank has also launched an attractive Recurring Deposit scheme with the above mentioned interest rates & tenors. An investment in a Deutsche Bank Recurring Deposit of INR 10,000 per month for 36 months will grow to INR 4.15 Lakhs. TDS is not deducted on Recurring Deposits.

These deposits can be booked by individuals (domestic and NRI), HUFs, sole proprietors, societies, clubs, partnerships and companies. NRE deposits also enjoy special benefits such as (i) interest earned is exempt from tax in India and (ii) principal and interest are repatriable.

Both existing and new customers can avail of these rates. Existing customers, can book their Fixed Deposits via the Internet Banking facility, through Phone Banking or at a Deutsche Bank Branch.

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