New Delhi: Joining a series of other banks, 3 major banks on Saturday increased interest rate on fixed deposits for their bank customers. The banks that have hiked the interest rate include Axis Bank, State Bank of Indi and Central Bank of India. Axis Bank said it will offer 2.50% interest rate on fixed deposits maturing in 7 days to 29 days. State Bank of India said it has increased interest rates on a variety of tenors and is currently providing fixed deposits with maturities ranging from 7 days to 10 years with interest rates ranging from 2.90% to 5.65% for the general public. In the similar manner, Central Bank of India said it will offer interest rates ranging from 2.75% to 5.55% on fixed deposits with maturities ranging from 7 days to 555 days.
Axis Bank:
Axis Bank on Saturday hiked interest rates on fixed deposits of less than Rs 2 crore and said the new interest rates are effective from 11/08/2022. The bank said it will continue to offer an interest rate of 2.50% on fixed deposits maturing in 7 days to 29 days and on fixed deposits maturing in 30 days to 3 months, the bank will offer an interest rate of 3.00%.
However, on term deposits maturing in 3 months to 6 months, Axis Bank will continue to offer an interest rate of 4.65% and on term deposits maturing in 7 months to 8 months, the bank will continue to offer an interest rate of 4.40%.
On fixed deposits maturing in 1 year to 1 year, 11 days, the bank will offer an interest rate of 5.45% and on term deposits maturing in 1 year 11 days to 1 year 25 days, the bank will continue to offer an interest rate of 5.75%. Moreover, on fixed deposits maturing in 18 Months to 2 years, the bank will continue to offer an interest rate of 5.60%.
State Bank of India:
State Bank of India (SBI) on Saturday hiked interest rates on fixed deposits of less than Rs 2 Cr. The revised rates will be effective from 13.08.2022. The bank said it will offer with interest rates ranging from 2.90% to 5.65% on fixed deposits with maturities ranging from 7 days to 10 years for the general public and 3.40% to 6.45% for senior citizens.
However, on fixed deposits maturing in 7 days to 45 days, the bank will continue to offer an interest rate of 2.90% and on term deposits maturing in 46 days to 179 days SBI will continue to offer an interest rate of 3.90%.
For the fixed deposits maturing in 180 days to 210 days, the SBI will offer an interest rate of 4.55% which was earlier 4.40% a hike of 15 bps and term deposits maturing in 211 days to less than 1 year will continue to offer an interest rate of 4.60%.
For the fixed deposits maturing in 7 days to 5 years, SBI will offer an additional rate of 0.50% to the elderly individuals and on fixed deposits maturing in 5 years and above senior citizens will continue to get an additional premium of 30 bps (over & above the existing 50 bps under the SBI Wecare Deposit scheme.
Central Bank of India
In the meantime, Central Bank of India has also hiked interest rates on fixed deposits of less than Rs 2 Cr. The new fixed deposit interest rates have come into effect from 10.08.2022. The bank said it will offer fixed deposits with maturities ranging from 7 days to 555 days with interest rates ranging from 2.75% to 5.55%. It will also give an interest rate of 2.75% on fixed deposits maturing in 7 to 14 days, and 2.90% interest rate on fixed deposits maturing in 15 to 30 days.
However, the fixed deposits maturing in 31 – 45 days will continue to get an interest rate of 3.00% and term deposits maturing in 46 – 90 days will continue to receive an interest rate of 3.35%.
For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on India.com.
