Private sector bank hikes interest rates on fixed deposits

Mumbai: The private sector bank IndusInd Bank has hiked interest rates on fixed deposits. The private lender has increased interest rates on fixed deposits  of less than Rs 2 crore. The lender is  now offering interest rates ranging from 3.50% to 7.00% for the general public and 4.00% to 7.75% for senior citizens on tenors of 7 days to 10 years.

Deposits maturing in 2 years up to 3 years and 3 months will now fetch a maximum interest rate of 7.50% for the general public and 8.25% for senior citizens.The bank will give a 3.50% interest rate on deposits maturing in the next 7 to 30 days, and a 4.00% interest rate on deposits maturing in the next 31 to 45 days. The lender will give  4.50% interest on deposits held for 46 days to 60 days and 4.60% interest on deposits held for 61 days to 90 days. Deposits maturing in 91 to 120 days will now earn 4.75% interest, while those maturing in 121 to 180 days will now earn 5.00% interest. The bank is now giving an interest rate of 5.75% on deposits due in 181 days to 210 days, and an interest rate of 5.80% on deposits maturing in 211 days to 269 days.

Also Read: Foreign portfolio investors sold Rs 150.68 billion Indian equities in first half of January 

IndusInd Bank is now offering an interest rate of 6.00% on a deposit tenor of 270 days to 354 days and the bank is now offering an interest rate of 6.25% on a deposit tenor of 355 days to 364 days. Deposits maturing in 1 year to below 1 year 6 months will fetch an interest rate of 7.00% and those maturing in 1 year 6 months to 2 years will fetch an interest rate of 7.25%.