Fixed deposits rates: For several months, the Reserve Bank of India has announced policy rate hikes due to excessive inflation. Despite the policy rates, numerous banks raised their fixed deposit rates for funds less than Rs 2 crore in January. Fixed deposits remain one of the most popular savings vehicles. Many people use this type of savings to keep their money safe for a short period of time. The money is safe, and the returns are good. Long-term fixed deposits also bring tax advantages. Check out the list of banks that have raised their interest rates.
On New Year’s Day, Punjab National Bank (PNB) raised its fixed deposit rates. PNB raised fixed deposit rates by 50 basis points.
(Fixed deposits rates) The Indian Overseas Bank has increased the interest rate on fixed deposits with terms ranging from 7 to 90 days. The gain was 75 basis points. Its maximum interest rate is for a 444-day fixed deposit. That has a 6.55 percent interest rate.
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Yes Bank has also raised its interest rates on fixed deposits with terms ranging from 7 days to 120 months. It provides interests ranging from 3.25 to 7%. The rates for senior citizens range between 3.75 percent to 7.75 percent. Yes Bank’s FD rate is 7.50 percent for a 30-month term and 8 percent for seniors.
Kotak Mahindra Bank raised its fixed deposit rates by 50 basis points. It is offering a health interest rate of 7% on FDs ranging from 390 days to two years. The rate for senior citizens is 7.50 percent.
Bandhan Bank is a recent entrant to the FD industry. It provides interest rates ranging from 3 to 5.85 percent on FDs with terms ranging from 7 days to 10 years. It offers 7.50 percent and 8% interest rates on 600-day fixed deposits.
Indian Overseas Bank recently raised its short-term FD rates by 75 basis points for terms of up to 90 days.
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