Nainital: Nainital Bank has hiked the interest rate on fixed deposits of less than Rs 2 crore. The bank took this decision as Reserve Bank of India (RBI) hiked the repo rate by 40 basis points or 0.40% to 4.40%. Earlier, several public and private banks such as HDFC Bank, IDFC Bank, ICICI Bank, Bank of Baroda, and Axis Bank, among others, have increased the interest rates on fixed deposit investments.
The interest rate on deposits with terms of 7 to 45 days will be 3.25% and interest rate on deposits with terms of 46 to 179 days will be 4.25%. The bank will offer 4.95% on deposits held for 180 days or more but less than 270 days and 5.05% on deposits held for 270 days or more but less than one year.
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The interest rate on deposits of one year or more but less than or equal to 18 months has been raised to 5.20%. The interest rate on deposits of more than 18 months but less than or equal to 3 years has been raised to 5.35%. Fixed deposit interest rates have been to 5.40%for deposits of more than three years but less than or equal to five years. The interest rate on deposits with a maturity of more than five years but less than or equal to ten years will remain unchanged at 5.35%.
Nainital Bank FD Rates:
7 days to 14 days- 3.25%
15 days to 30 days- 3.25%
31 days to 45 days- 3.25%
46 days to 90 days- 4.25%
91 days to 179 days- 4.25%
180 days and above but less than 270 days- 4.95%
270 days and above but less than 1 year- 5.05%
1 year and above but less than or equal to 18 months- 5.20%
Above 18 months but less than or equal to 2 years- 5.35%
Above 2 years but less than or equal to 3 years- 5.35%
Above 3 years but less than or equal to 5 years- 5.40%
Above 5 years but less than or equal to up to 10 years- 5.35%
Naini Tax Saver Scheme- 6.10%
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