Amidst the constant stability of the repo rate, five major banks have increased the interest rates on fixed deposits (FD). These include Axis Bank, ICICI, Punjab and Sind, Ujjivan Small Finance and Bank of India. The new rates of all these have come into effect from July 1.
Private sector Axis Bank will now give 7.20 percent interest to its customers on deposits of Rs 3 crore for a period of 17-18 months. For senior citizens, this rate is 7.75 percent. 7.10 percent interest will be given on FDs of two years duration. The bank is giving interest between 3 to 7.2 percent on FDs to general citizens. For senior citizens, this rate is between 3.50 percent to 7.75 percent.
From July 1, the bank is paying its customers interest ranging from 3.75 to 6.50 percent on FDs up to Rs 3 crore. For senior citizens, the interest rate is the highest at 8.75 percent, which is 0.50% higher.
According to the bank’s website, it has also implemented changes in the interest rates on FDs from July 1. Under this, the bank will give its customers up to 7.20 percent interest for a period of 15 months to two years on deposits of less than Rs 3 crore. It is giving 6.7 percent interest on deposits of one year duration. The lowest rate of interest is 3.50 percent. The bank will give up to 7.75 percent interest to senior citizens.
Bank of India is giving interest up to 7.80 percent.
The new rates of Bank of India are applicable from June 30. It is giving up to 7.80 percent interest to senior citizens on deposits for a period of 666 days. General citizens are getting 7.3 percent interest. Meanwhile, Punjab & Sind Bank said that its revised interest rates are also applicable from July 1. It is giving 7.80 percent interest to its customers, senior citizens on deposits of 666 days. It is giving interest ranging from 2.80 to 6.65 percent to general citizens.
