Many banks increased interest rates on term deposits
Apart from State Bank of India, IDBI Bank, HDFC Bank and Kotak Mahindra Bank have also made fresh changes in their deposit rates. Private sector IDBI Bank has increased interest rates by up to 0.25 percent on retail term deposits of less than Rs 2 crore.
Country’s largest public sector bank – State Bank of India (State Bank of India) The latest changes have been made in the deposit rates. This change made by the bank will benefit all those customers of SBI who have made term deposits here. SBI has increased the interest rates offered on term deposits of less than Rs 2 crore by 20 basis points or 0.20 percent. Along with this, SBI has increased the interest rates of domestic bulk term deposits of select tenors above Rs 2 crore by 75 basis points i.e. up to 0.75 percent. However, in domestic bulk term deposits, a penalty of 1 per cent will be levied on premature withdrawal. Apart from this, SBI has also increased the MCLR by 0.20 percent.
IDBI Bank hikes interest rates on retail term deposits
Apart from State Bank of India, IDBI Bank, HDFC Bank and Kotak Mahindra Bank have also made fresh changes in their deposit rates. Private sector IDBI Bank has increased interest rates by up to 0.25 percent on retail term deposits of less than Rs 2 crore. The bank said that the latest interest rates will be effective from June 15. The bank has increased the interest rate by 0.25 percent to four percent on retail fixed deposits with maturity between 91 days to six months. Earlier it was 3.75 percent.
At the same time, the interest rate on deposits ranging from three years to less than five years has been increased by 0.10 percent to 5.60 percent, which was 5.50 percent earlier. Apart from this, interest at the rate of 5.75 percent will now be given on retail term deposits of five years to seven years. Whereas earlier it was 5.60 percent.
HDFC and Kotak Mahindra Bank also increased interest rates
HDFC Bank is giving an interest of 6.75 percent to its customers on deposits of 33 months and 7.05 percent on deposits of 99 months. At the same time, Kotak Mahindra Bank has increased the interest rates given on savings accounts with an amount above Rs 50 lakh by 0.50 percent. Kotak Mahindra Bank customers, whose savings account has more than Rs 50 lakh, will now get an interest of 4 percent. Earlier, Kotak Mahindra Bank was paying 3.5 percent interest on savings accounts with an amount above Rs 50 lakh. Apart from this, Kotak Mahindra Bank has also increased by 0.10 to 0.25 percent on fixed deposits.
Source: www.tv9hindi.com
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