State Bank of India has announced a new term deposit scheme, Utsav Deposit, on the 75th Independence Day of India with a higher rate of interest. But there is another bank that surpasses even that. Read on for more details.
The country’s largest lender, the State Bank of India (SBI), has announced a new term deposit scheme, called Utsav Deposit, on the occasion of India’s 75th Independence Day. Fixed Deposit (FD) will be available for a term of 1,000 days and will offer an interest rate of 6.1% from August 15, 2022. Senior citizens will benefit from an additional interest of 0.50% on top the standard interest rate. SBI is offering this special offer for 75 days until October 30, 2022.
Following the changes, SBI now offers fixed deposit interest rates ranging from 2.9% to 6.1% for regular customers and 3.40% to 6.6% for seniors.
Last week, private sector lender Axis Bank also raised its fixed deposit (FD) interest rates for certain terms for deposits below Rs 2 crore. The new rates came into effect on August 11.
Following the review, Axis Bank is offering 6.05% for FD mandates maturing in 17 months to less than 18 months. Interest rates for other FD warrants have not been changed, according to the bank’s website. The rate is 2.50 to 6.80% per year for seniors whose mandates vary from 7 days to 10 years.
Some other banks have also raised FD rates on some maturities following the repo rate hike by the Reserve Bank of India at its recent monetary policy review meeting. Here is a comparison of FD rates from major lenders.
National Bank of India
For a term of 7 to 45 days, SBI offers 2.9%, for deposits of 46 to 179 days, the bank gives an interest rate of 3.9%. Similarly, for deposits of two years to less than three years, SBI is offering a new rate of 5.5%, while those of three years to less than five years will get a return of 5.6%.
After the rate hike announced on August 11, Axis Bank is offering an interest rate of 2.5 to 6.05%. Interest rates for deposits maturing in one year and eleven days; and one year and 25 days remain unchanged after the rate hike to 5.75%. Similarly, the rate for one-year and 25-day to two-year deposits remains at 5.6%. The bank is offering 5.7% for terms of two years to less than five years, while those maturing in 5 to 10 years will attract an interest rate of 5.75%.
Kotak Mahindra Bank
Kotak Mahindra Bank also announced a hike in interest rates on fixed deposits below Rs 2 crore on August 10.
Following the review, the bank kept rates for deposits with a 7-14 day maturity unchanged at 2.50%, but increased the rate for deposits with a 15-30 day maturity from 2.50% to 2.50%. .65%. The revised rate on deposits with maturities of 31 to 90 days is 3.25% against 3% previously. The bank offers the highest interest rates of 5.90% on deposits for five years and up to 10 years for non-senior citizens. For the elderly, the bank offers an interest rate ranging from 3% to 6.40% on various mandates.
Effective August 10, Yes Bank is offering higher interest rates on fixed deposits of less than Rs 2 crore on maturities of seven days to 10 years. The bank offers interest rates ranging from 3.25% to 6.75% for non-senior customers and 3.75% to 7.5% for seniors.
On August 8, Canara Bank announced a hike in interest rates on fixed deposits below Rs 2 crore. Currently, the bank offers interest rates on deposits maturing from seven days to 10 years in the range of 2.9% to 5.75% for non-senior customers and 2.90% 6.25% for the elderly.
(Edited by : Shoma Bhattacharjee)
First post: STI