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Five banks will now pay more interest on FDs, new rates will be effective from July 1
Investment: Amidst the constant stability of the repo rate, five major banks have increased the interest rates on fixed deposits (FDs). These include Axis Bank, ICICI, Punjab and Sindh, Ujjivan Small Finance and Bank of India. The new rates of all these have come into effect from July 1.
Axis Bank, a private-sector bank, would now offer 7.20 percent interest to customers on deposits of Rs 3 crore for 17-18 months. For seniors, the rate is 7.75 percent. Two-year fixed deposits will earn 7.10 percent interest. The bank offers common people interest rates ranging from 3 to 7.2 percent on fixed deposits. For older citizens, the rate ranges from 3.50 percent to 7.75 percent.
Since July 1, the bank has offered its customers interest rates ranging from 3.75 to 6.50 percent on FDs up to Rs 3 crore. Senior citizens pay the highest interest rate of 8.75 percent, which is 0.50% higher.
According to the bank's website, it has also implemented changes in interest rates on FDs from July 1. Under this, the bank will give its customers interest up to 7.20 percent for a period of 15 months to two years on deposits less than Rs 3 crore. It gives 6.7 percent interest on deposits of one-year duration. The lowest interest rate is 3.50 percent. The bank will give interest up to 7.75 percent to senior citizens.
