Private sector lender IndusInd Bank has hiked interest rates on fixed deposits of Rs 2 crore on various tenures to 6.50 percent for all and 7 percent for senior citizens. Similarly, Indian Bank has also increased the interest rates on fixed deposits for an amount below Rs 2 crore with effect from June 1, 2022, on select tenures.
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A number of banks, including HDFC Bank and ICICI Bank, have revised interest rates on fixed deposits in the past three weeks following the Reserve Bank of India’s (RBI) move to hike repo rates by 40 basis points to 4.4 percent.
After the revision, IndusInd Bank will offer interest rates in the range of 2.75-6.50 percent to general citizens for deposits up to Rs 2 crore. The bank will give interest in the range of 3.25-7.00 percent to senior citizens for fixed deposits in different tenures.
Indian Bank is offering interest at 2.80- 5.35 percent on deposits below Rs 2 crore to non-senior citizens. Senior citizens will get an additional rate of interest at 0.50 percent p.a. for amounts up to Rs 10 crore for all tenures over the card rate.
India’s largest public sector lender State Bank of India offers customers an interest of 5.50 percent on tenures of five years and up to 10 years and 6.30 percent to senior citizens.
The highest interest rate is mostly paid on deposits of five years and above. Senior citizens also get an additional payout in the range of 50-75 basis points on fixed deposits.
Given below are the interest rates of some of the top banks in the country on fixed deposits below Rs 2 crore on tenures ranging from 7 days to 10 years.
Bank Rate for general citizens (p.a.) Rate for senior citizens (p.a)
IDFC Bank 3.50- 6.00% 4.00- 6.50%
Axis Bank 2.50-5.75% 2.50-6.50%
HDFC Bank 2.50-5.75% 3.00-6.50%
Bank of Baroda 2.80-5.35% 3.30-6.35%
Canara Bank 2.90-5.75% 2.90-6.25%
State Bank of India 2.90-5.50% 3.40-6.30%
Bank of India 2.85-5.20% 3.35-5.95%
Punjab and Sind Bank 3.00-5.40% 3.50-5.90%
Punjab National Bank 3.00-5.25% 3.50-5.75%
(Edited by : Sudarsanan Mani)
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