Interest rates raised by public banks for fixed deposits
The major public sector lending banks has hiked their interest rates for fixed deposits. The Bank of Baroda has raised its interest rates on retail term deposits from 10 basis points to 125 basis points. The rates are applicable on deposits below Rs 2 crore with effect from today.
The increased rates are largely focused on shorter-term maturity buckets, especially those less than 1 year. Increasing interest rates in shorter-term maturities will greatly benefit depositors who keep deposits for shorter maturities. After the latest hike, BoB will offer an interest range ranging from 4.25 percent to 7.255 percent to general customers. While the bank will offer interest rates ranging from 4.75 percent to 7.75 percent for senior citizens on deposits maturing in seven days to ten years.
Union Bank of India, on the other hand, had hiked the rates by up to 25 basis points on its fixed deposits [FDs] for certain tenures of amounts less than Rs 2 crore. The rates are effected from 27 December.
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
Union Bank offers an additional rates component for senior citizens and super senior citizen on term deposits up to Rs5 crore in all formats of its domestic term deposits scheme.
Similarly, the largest lender of the country, SBI has hiked interest rates on fixed deposits [FDs] by up to 50 basis points, applicable on FDs below Rs 2 crore. The bank has increased the rates on all tenures except for one year to less than 2 years, 2 years to less than 3 years, and five years to ten years. FDs maturing in 3 years to less than 5 years will now give 25 bps more, 6.75 percent. While for senior citizens, Sbi offers rates ranging from 4 to 7.5 percent on deposits maturing in seven days to ten years.
Read Also : Miners' Felicitation Day was celebrated with great pomp in MCLSome private lenders had also previously hiked their interest rates :
Kotak Mahindra Bank, offers interest rates of 2.75 percent to 7.25 percent for general customers on deposits maturing in seven days to ten years, and 3.35 percent to 7.80 percent for senior citizens on these deposits.
DCB Bank, has hiked fixed deposit interest rates on select tenures for deposits below Rs2 crore while offering the highest rate of interest of 8 percent to general customers and 8.60 percent for senior citizens.
Federal Bank, has revised its interest rates for residents and non-residents, raising it to 7.50 percent for 500 days. For senior citizens it is 8.15 percent for 500-day tenures and 7.80 percent for beyond 21 months to less than three years.
Read Also : Petroleum Minister Conveyed best Wishes to BPCL CMD