Kerala’s Cooperation Dept raises deposit interest rates; senior citizens to benefit

Thiruvananthapuram: The Kerala Cooperation Department has increased deposit interest rates to overcome setbacks faced during its deposit mobilisation drive.

The interest rate for deposits with a tenure of less than two years has been raised to 8.50%, while deposits exceeding two years will now earn 8.75%. The revision comes after depositors began withdrawing funds following the reduction of interest rates to 8% in both categories.

Additionally, senior citizens will receive up to 0.5% extra interest on fixed deposits.

The deposit mobilisation drive, which began on March 5, will continue until April 3.