Himachal Coop Bank to hike loan rates

Shimla: After having hiked deposit rates, the Himachal Pradesh State Co-operative Bank (HPSCB) plans to increase its loan interest rates soon. Without disclosing what the hike rate was going to be, Rajinder Singh, managing director HPSCB said, “as our capital costs have gone up, our loan interest rates would soon be increased.”

However he disclosed that the new deposit rates offered by the bank are 2.75% for a 7 to 14 day deposit; 4% for a 15-45 day deposit; 5.50% for a 46-90 days deposit; 5.75% for a 91-179 day deposit and 6.25% for a 180 to 1 year deposit. These rates would be applicable for both ordinary and senior citizen account holders, he added.

For a 1 to 2 year deposit, the deposit interest rate for a general account holder would be 6.90 % where as for a senior citizen it would be 7.65 %.

For a 2 to 3 year term deposit the interest rate for a general account holder would be 7.10 % for a 3 to 5 year term deposit, it would be 7.30% and for a term deposit of more than 5 years it would be 7.55 % said Rajinder Singh.

However for senior citizens all deposits of more than two years would incur a deposit interest rate of 8.5 %, he added.

HPSCB, which mainly operates in rural Himachal, had in 2009-2010 achieved an increase of 22 % on its deposits over the previous year.

There are over 13 lakh account holders with us. We are in the process of computerizing all our branches and would also be offering ATM services to our account holders, said the MD.

An apex cooperative bank of the state, it has about 190 branches that are mainly in rural areas with one branch opened in Azadpur Delhi for the benefit of apple growers from the state.

As Editor, Ravinder Makhaik leads a team of media professionals at Hill Post. Spanning a career of over two decades in mass communication, as a Documentary Filmmaker, TV journalist, Print Media journalist and with Online & Social Media, he brings with him a vast experience. He lives in Shimla.

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