Interest rate hike on fixed deposits up to 1 percent.
Private sector bank IDFC First Bank has increased the interest rate for fixed deposits of different tenors by up to 1 percent. The bank is now offering a minimum interest rate of 3.5 percent and a maximum interest rate of 6.25 percent.
Private Sector Bank IDFC First Bank (IDFC First Bank) has increased the interest rate on fixed deposits. The new interest rate has come into effect from 23 May. The bank has increased the interest rate by up to 1 percent for different periods. Fixed Deposit (Fixed depositsBut now the bank is offering an interest rate of minimum 3.5 percent and maximum 6.25 percent. The interest rate for senior citizens is 0.50 per cent higher across all tenures. Fixed deposits are the traditional means of investment in our country. It is very popular as it is not affected by the volatility of the market. The returns of FD do not depend on the performance of the stock market. In this the return is fixed.
According to the data available on the bank’s website, the interest rate on fixed deposits for 7-29 days is 3.50 per cent. Earlier the interest rate for this period was 2.5 percent. For 30-90 days, the interest rate has gone up to 4 percent, which was 3 percent earlier. The interest rate for 91-180 days has gone up to 4.5 per cent, which was 3.5 per cent earlier. The interest rate for 181 days to less than 1 year has gone up to 5.75 percent, which was 4.75 percent earlier. The interest rate for fixed deposits of 1-2 years has gone up to 6 per cent from 5.75 per cent earlier. The interest rate has been increased by 0.25% for this period. The interest rate for 2 years 1 day to 3 years is 6 percent. The interest rate is 6.25 percent for a period of 3 years 1 day to five years.
Tax Saving Fixed Deposit Rates
The interest rate on fixed deposits for tenures ranging from 5 years 1 day to 10 years is 6 per cent. There has been no change in this and this fixed deposit is also called tax saver FD. The interest rate on fixed deposits for all tenures for senior citizens will be 0.50 per cent higher. All interest rates above are applicable for deposits up to Rs 2 crore.
Source: www.tv9hindi.com
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