New Delhi: A number of banks have lately raised fixed deposit rates. Two banks today announced an adjustment to their fixed deposit interest rates for Monday, continuing this pattern of increased term deposit rates (22 August).
With effect from August 20, 2022, Unity Small Finance Bank (USFB) has changed the interest rates on its non-callable bulk deposits. On term deposits of more than Rs 2 crore for terms of 2-3 years and 3-5 years, this bank is giving interest rates of up to 7.1%.
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Premature withdrawal is prohibited for deposits that are not callable. Additionally, for deposits having a tenor of six months or longer, interest on these deposits will be calculated on a quarterly compounding basis, according to a statement from USFB. The bank further stated that due to the urgency of the necessity, senior individuals are not eligible for non-callable deposits.
Prior to July 6, 2022, USFB had altered its FD rates for retail investors. Senior citizens can currently earn up to 8.15% interest on term deposits with tenors of 2-3 years and 3-5 years. USFB offers a maximum rate of 7.65% interest on FDs with terms of 2-3 years and 3-5 years for clients under the age of 60.
IDBI Bank New FD Rate
With effect from August 22, 2022, the IDBI Bank has also increased the interest rates on term deposits across a range of tenors.
“The Bank is now offering the highest rate of 6.55% on select tenors. The Bank has also introduced a limited period special 500 days deposit under the Amrit Mahotsav FD scheme, offering a peak rate of 6.70. The Amrit Mahotsav offer is a limited offer available up to September 30, 2022,” IDBI Bank said in a statement.
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ICICI FD Rate Revised
The ICICI Bank updated the fixed deposit rates for a few tenors last week. Retail fixed deposit rates for terms of one year to five years have been set by a private sector bank between 5.50% and 6.10%, with rates for one-year deposits being 5.50%.
