Repco Bank's new deposit scheme

Repco Bank, a Government of India enterprise, has announced a hike in interest rates on deposits. According to Mr J. Gireeshkumar, Chief Manager at the Thiruvananthapuram branch, a new 22-month deposit scheme, Repco-22, has been launched that offers a rate of 11 per cent for senior citizens and 10.60 per cent for the general public.

The depositors will have the option of to receive periodical interest or interest on maturity at a quarterly compounding basis, as the case may be.

Employees of the Kerala Government having retired from service at the age of superannuation are also eligible for rates applicable to senior citizens, Mr Gireeshkumar added.