New Delhi: After the Reserve Bank of India boosted repo rates by 140 points in the last three months to 5.4% at this time, some banks upped the interest rates on their fixed deposit products. For traditional investors who genuinely believe in conventional fixed deposits and post office deposit saving instruments, this is wonderful news.
The interest rates on fixed deposits under Rs 2 crore have recently increased at a number of banks, including Karur Vysya Bank, Kotak Mahindra Bank, Karnataka Bank, and City Union Bank. The most recent rates increase by as much as 6.20 percent for the general population and 6.60 percent for seniors.
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Kotak Mahindra Bank
Kotak Mahindra Banks FDs with maturities between 390 days and less than 23 months will now receive 6% interest as of September 6. With maturities ranging from 23 months to under two years, the bank will now provide fixed deposits at an interest rate of 6.10 percent.
The lender raised interest rates on FDs with maturities between two and ten years to six percent. FD rates at a rate of 6.10 percent for durations of 23 months to under two years.
Karur Vysya Bank FD rates
According to the new rates, which took effect on September 1, fixed deposits with maturities between seven and thirty days would earn 4% interest. 5.25 percent interest is offered on deposits that mature in 31 to 45 days. Fixed deposits with maturities between 46 and 90 days have a rate of 5.25 percent.
Now, fixed deposits with maturities of 91 to 120 days will earn 5.25 percent, and term deposits with maturities of 121 to 180 days will now pay 5.50 percent interest. For fixed deposits maturing in 181 days to 270 days, the lender will give a 5.75 percent interest rate; for fixed deposits maturing in 271 days or fewer, the lender will offer a 5.90 percent interest rate.
A 6.10 percent interest rate will now be paid on fixed deposits with maturities of one to two years and a 6.10 percent interest rate on term deposits with maturities of two to three years. On fixed deposits expiring in three to six years or more, the bank will pay 6.10 percent.
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City Union Bank
Beginning on September 1, City Union Bank reduced the interest rates on fixed deposits under Rs 2 crore. The revised agreement states that the bank will now provide interest rates between 4% and 6% for the general public and 4% to 6.25 percent for seniors.
Karnataka Bank
Senior folks will receive 6.60 percent on the same period from the Mangaluru-based bank, while the general public will receive 6.20 percent. Beginning on September 1, 2022, the revised rates take effect.
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