New Delhi: In a relief to customers, the State Bank of India, Central Bank of India, Karur Vyasa Bank and IndusInd Bank have hiked their interest rates on Fixed Deposits across various tenors. The SBI’s hike in FD rates ranges from 2.90 per cent to 5.65 per cent for the general public and 3.40 per cent to 6.45 per cent for senior citizens effective August 13, 2022.
The Central Bank of India’s FD rate hike ranges from 2.75 per cent to 5.55 per cent effective August 10, 2022.
The Karur Vyasa Bank’s also hiked interest rates on fixed deposits of less than Rs 2 crore with effect from August 16, 2022. The bank is now offering an interest rate ranging from 4 per cent to 6 per cent for the general public on fixed deposits maturing in 7 days to 6 years and above, and 6.25 per cent – 6.50 per cent for senior citizens on fixed deposits maturing in 1 year to 6 years to less than 10 years.
The IndusInd Bank has hiked interest on fixed deposits of less than Rs 2 crore with effect from August 12, 2022. The hike ranges between 3.50 per cent to 6.50 per cent for the general public and 4.25 per cent to 7.50 per cent for senior citizens.
The above data has been compiled from the Mint which has attributed the source to respective banks.
Apart from these, the Bank of Baroda announced the launch of the Baroda Tiranga Deposit Scheme that are available in two tenors – interest rate of 5.75 per cent per annum for 444 days and 6 per cent per annum for 555 days. The scheme opens on August 16, 2022 to be in place till December 31, 2022 and is applicable on retail deposits below Rs 2 crore, reported the Mint.
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