Mumbai: Leading private sector bank in the country, IDFC First Bank has hiked the interest rates on fixed deposits. The lender hiked the interest rates on fixed deposits below Rs 2 crore with terms ranging from 1 to 5 years.
The bank will give 3.50% to 6% interest for fixed deposits maturing in 7 days to 10 years. Fixed deposits maturing in 3 years, 1 day, or less than 5 years will now get an interest rate of 6.50%. This is the highest interest rate.
Also Read: Another bank in the country hikes interest rates
Fixed deposits with maturities between 7 and 29 days will get 3.50% interest and deposits with maturities between 30 and 90 days will be given 4%. On term deposits maturing in 91 to 180 days, bank will give an interest rate of 4.50% and on term deposits maturing in 181 days to a year, the bank will provide 5.75%t interest rate.
The interest rate for fixed deposits maturing in 1 year 1 day to 3 years will be 6.25%. Fixed deposits with maturities of 3 years 1 day to less than 5 years will now have interest rates of 6.50%. Fixed deposits that mature in 5–10 years, bank will give 6% interest. Tax Saver Deposits will now get 6.50% interest rate.
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