Bank of India has launched a new long-term deposit plan -- Shatabdi Scheme -- as part of its centenary year celeberations, offering an interest of 8 per cent per year.
The scheme will, however, offer 9 per cent interest to senior citizens for up to 10 years, M Balachandran, the bank's chairman, said in Thiruvananthapuram on Friday.
Balachandran said that as part of the centenary year initiatives, the bank will launch many more deposit schemes, like flexi-recurring deposit scheme, flexi-annuity pension deposit scheme, and salary saving scheme this month.
The bank plans to adopt and develop 101 villages in the country. In Kerala, Marottichal village (in Thrissur district) and Mannur (in Ernakulam disctirct) will be adopted. ATM Kisan Card and mobile ATM for villages will also be launched soon.
The bank also plans to open a branch in Qatar and upgrade the busines in China, Vitenam and Indonesia, he said.
The bank's Kerala zone registered a net profit of Rs 701.44 crore (Rs 7.014 billion) up to March 2006 compared to Rs 340.05 crore (Rs 3.4 billion) for the corresponding period of the previous year.
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