Additionally, the remaining 88% of the deposits that were blocked will be converted into three equal new fixed term deposits with a term of 6,9 and 12 months respectively within Bank of Cyprus with a higher interest rate.
Restrictive measures on fixed term deposits are included in the decree: (a)On the first maturity of the fixed term deposit, there is a provision for renewal for another period of the same duration by Bank of Cyprus.
ii) to create two or more fixed term deposits As part of a e1/410 billion rescue package for Cyprus, Bank of Cyprus, the island`s largest lender, entered a resolution process, with an initial 60% of deposits over e1/4100,000 blocked for capital to equity conversion to recapitalize the bank.
The report reveals that consumer outcomes on rollovers of term deposits have improved by billions of dollars.
ASIC Report 353: Further review of term deposits (REP 353) follows an earlier review and report ASIC released in February 2010, Report 185: Review of term deposits (REP 185), that found aspects of disclosure that were of concern to ASIC (refer 10-37AD).
Dual pricing is when ADIs promote their term deposits by advertising the high rates available on a limited number of term deposit periods, while maintaining significantly lower rates for all other deposit periods.
The Kolkata-headquartered United Bank of India has announced that the entity has enlarged its rates on domestic term deposits for less than Rs 5 crore by 25 basis points (0.
The term deposits from 30 days to below 1 year will carry an interest rate of 8.
On Wednesday, the State Bank of India (SBI) has announced that it has decided to hack interest rates on term deposits by 0.
The maximum reduction of 1% will be applicable on the term deposits for a period between 241 days and below one year.
The PSU lender Oriental Bank of Commerce has announced that it has hacked interest rates on term deposits including a range of maturity periods.
The leading India-based bank has kept the interest rates on term deposits of below Rs.