Asia Bizz: Bangalore-based retail and commercial bank ING Vysya announced on March 20, 2012 that it has increased the short term deposit interest rates by 0.25 percent to ten percent. The move has been taken so as to promote its Active Deposit Scheme.
In a press release in India, the bank said, “The bank will now offer 10 per cent special rate to deposit holders (for 366 days) as against 9.75 per cent earlier, to promote its successful Active Deposit Scheme.”
The statement added that customers will get higher returns under the Active Deposit Scheme linked to their normal savings or current accounts. The scheme is useful for customers who have surplus funds, on which they would like to earn higher returns but at the same time need the security of instant liquidity.