Increase in interest rate on FDs below Rs.2 crore
IndusInd Bank New Rates Effective August 12, 2022
Effect of Repo rate hike by RBI
New Delhi. After the Reserve Bank of India (RBI) hiked the repo rate, banks also started raising interest rates. Apart from increasing the loan interest rate, the bank deposit interest rate has also started increasing. Meanwhile, private sector IndusInd Bank has hiked interest rates on fixed deposits i.e. FDs.
The new rates are effective from August 12, 2022
According to the bank’s official website, IndusInd Bank’s new rates will be effective from August 12, 2022. Bank has increased interest rates on FDs below Rs 2 crore. After the change, the bank is now offering FDs from 7 days to 10 years at interest rates of 3.50 percent to 6.75 percent for general public and 4.25 percent to 7.50 percent for senior citizens.
IndusInd Bank FD Rate
For FD period from 7 days to 14 days, the bank increased the interest rate from 2.75 percent to 3.50 percent. Interest rate on FDs maturing in 15 days to 30 days has been increased from 3.00 per cent to 3.50 per cent. FDs maturing between 31 days to 45 days will now fetch an interest rate of 4.00%. For FD tenure of 46 days to 60 days, 4.0% interest rate will now be paid, as against 3.65 percent earlier.
Also Read- Axis Bank Changes Interest Rates on FDs, See How Much Returns You’ll Get Now
For FD tenures of 61 days to 90 days, the bank has increased its interest rate from 3.75 percent to 4.25 percent. The bank increased its interest rate from 4.00% to 4.50% on FDs maturing in 120 days to 91 days. For FD tenures of 121 days to 180 days, the bank has increased the interest rate from 4.50% to 4.75%. At the same time, the bank increased the interest rate on FDs maturing from 181 days to 210 days from 4.75% to 5.0%.
FDs maturing between 211 days to 269 days will offer an interest rate of 5.25% compared to 5.00% now, while FDs of 270 days or 354 days will offer an interest rate of 5.50%. The bank will continue to offer an interest rate of 5.50% on FDs maturing within 355 days or 364 days. The bank has increased the interest rate on FDs of 1 year and less than 1 year 6 months from 6.00% to 6.25%.
RBI hiked repo rate by 0.5 percent to 5.4 percent
Notably, the Reserve Bank of India (RBI) recently increased the repo rate by 0.5 percent to 5.4 percent. Repo rate hits 3-year high.
Tag: Bank FD, FD Rate, fixed deposit, Money Making Tips
First Published: August 15, 2022, 14:47 IST