Public sector lender Vijaya bank is planning to do business to the tune of Rs. 800 crore from its festival bonanza that is being offered to customers in Chandigarh. The bank's DGM, Mr. Pradeep Naik said that the bank wants to achieve a target of Rs. 500 crore for the deposits segment and Rs. 300 crore from loans and advances from the festival bonanza scheme that it is offering in its Chandigarh region. The scheme will be provided till January, 2013.
The Bangalore based bank has about 62 branches in its Chandigarh region, with the network spread across Haryana, Punjab, Uttarakhand, Himachal Pradesh and Jammu & Kashmir. The bank's total business from the region is about Rs. 5500 crore.
For the festive season scheme, the bank is extending interest rates on fixed deposits at the rate of 9.30 percent and 9.75 percent to the elderly for term deposits of up to 10 crore for 1 year.
In addition to this, it is also providing loans to doctors and schools at the special rate of 12 percent and 12.70 percent respectively for advances up to a crore. The scheme also includes home loans and auto loans at interest rates of 10.50 percent and 11 percent respectively.