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An announcement has been made by the state run Vijaya Bank of reduction in term deposit interest rates by 25 basis points.
The bank has said that the move is a result of the introduction of MCLR based lending rate (Marginal Cost of Funds based Lending Rate) with effect from April 1, 2016.
According to a release by bank the reduction in deposit rates will be applicable for term deposits of different slabs from 91 days to above five years maturity.
It further said that the new deposit rates will be effective from April 12.
