New Delhi: Induslnd Bank hiked interest rates on Fixed deposits (FDs). The new rates have been effective from August 12, 2022, according to the Bank’s official website. The move is in line with other banks’ steps in the past few days to increase repo rate linked lending rate (RLLR) or fixed deposits (FDs). Yes Bank had recently increased interest rates on FDs. It is to be noted that Reserve Bank of India raised repo rate by 0.50 basis points to 5.40% last week in an effort to cool down high inflation and defend week rupee.
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Induslnd bank new interest rates on FDs
The bank is now offering interest rates of 3.50% from 2.75% on FDs maturing between 7 days to 14 days. Fixed deposits maturing in 31 days to 45 days will now offer an interest rate of 4.00% which was earlier 3.50% a hike of 50 bps and fixed deposits maturing in 46 days to 60 days will now offer an interest rate of 4.00%.
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IndusInd Bank has hiked its interest rate from 3.75% to 4.25% by 50 bps on fixed deposits maturing in 61 days to 90 days and the bank has hiked its interest rate from 4.00% to 4.50% by 50 bps on fixed deposits maturing in 91 days to 120 days. On fixed deposits maturing from 121 days to 180 days the bank has hiked the interest rate from 4.50% to 4.75% by 25 bps and on fixed deposits maturing from 181 days to 210 days, the bank has hiked the interest rate from 4.75% to 5.00% a hike of 25 bps.
Fixed deposits maturing in 211 days to 269 days will now offer an interest rate of 5.25% which was earlier 5.00% a hike of 25 bps, while deposits maturing in 270 days or 354 days will continue to offer an interest rate of 5.50%. On fixed deposits maturing in 355 days or 364 days the bank will continue to offer an interest rate of 5.50% and on fixed deposits maturing in 1 Year to below 1 Year 6 Months the bank has hiked the interest rate from 6.00% to 6.25% a hike of 25 bps.