Over the last two months many banks have increased fixed deposit (FD) interest rates. IndusInd Bank,DCB Bank and Federal Bank and have revised their fixed deposit interest rates. The revised interest rates are for amounts below Rs2 crore.
IndusInd Bank has hiked interest rates on fixed deposits of less Rs2 crore with effect from 21 June 2022. After the modification, the bank raised the interest rates on a number of deposit tenors, offering the general public a maximum rate of 6.50% and senior citizens a maximum rate of 7%. On term deposits lasting 61 months or longer, the bank gives an interest rate of 6%. The bank offers a 6.50% interest rate for terms of two years to 61 months.
According to the bank website, “Interest is compounded quarterly. Simple interest will be paid on maturity for deposit wherever the tenure is up to 180 days.
DCB Bank has revised the interest rates on fixed deposits under Rs2 crore for tenure higher than 18 months. The new rates are effective 22 June 2022. On deposits maturing in 18 months to less than 120 months will now offer 6.60% after the revision.
Federal bank has revised fixed deposit rates on deposits under Rs2 crore. The bank's revised interest rates will take effect on 22 June 2022, and they will be valid for loan terms ranging from 7 days to 2223 days. The bank offers interest rate between 2.75% to 5.95% interest rate.