Trivandrum: The Kerala government has announced a revision in the interest rates of the Primary Co-operative Societies in the State. Deposits in Co-operative Banks will now fetch a higher interest rate while loans will become cheaper.
For deposits with a period of 15 days to 45 days, it has been increased to 5%. Earlier, it was 4.75 per cent. The interest rate on deposits for three months (46 days to 90 days) has been hiked from 5.25 per cent to 5.5%. For deposits of up to six months (91 days to 180 days), the interest rate will now be 6%. The interest rate on deposits up to one year (181 days to 364 days) has been revised to 6.25 per cent and on deposits for above one year to 7%. The interest rate on fixed deposits of more than two years has been increased from 6.5 per cent to 7%.
The interest rates on various loans have been reduced by up to half a per cent. Interest rates are based on the nature of the loan. Deposit and loan interest rates were last revised in January 2021.
The interest rates of co-operatives, including primary agricultural credit co-operative societies in the state, have also been revised. The revised interest rates are applicable to Primary Co-operative Societies including Service Co-operative Banks, Urban Co-operative Societies, Regional Rural Co-operative Societies, Employees Co-operative Societies and Agricultural Improvement Co-operative Societies.