Many banks have increased interest rates on FDs and savings.
Private sector bank Nainital Bank has increased interest rates on fixed deposits. The new rate has come into effect from June 18. Now the minimum interest rate is 3.25 percent and the maximum interest rate is 5.75 percent.
As the Reserve Bank of India is increasing the repo rate, the interest rates on deposits and loans are increasing. 100 year old private bank (Nainital Bank ) has also increased the interest rate on term deposits. The new rates of interest are applicable from June 18. Fixed Deposit (Fixed Deposits) But the bank is now offering an interest of minimum 3.25 percent and maximum 5.75 percent. According to the information available on the bank’s website, the interest rate has been increased to 3.25 percent for 7 days to 45 days, 4.25 percent for 46 days to 179 days, 4.95 percent for 180-270 days.
Interest rate for 270 days to 1 year is 5.05 percent, for more than 1 year and 18 months, 5.55 percent, for more than 18 months and less than 5 years, the interest rate has been reduced to 5.60 percent. For more than 5 years and less than 10 years, the interest rate is 5.35 percent and Naini is offering an interest rate of 5.75 percent for the tax saver scheme. Withdrawals will not be allowed before 5 years under the Naini Tax Saving Scheme. Withdrawals can be made in case of accidental death of the customer.
No change in interest rate on savings account deposits
Nainital Bank was established in 1922. The presence of this bank is all over the country. Senior citizens are given the benefit of an additional 50 basis points in the interest rate. This bank rate is for retail term deposits of less than 2 crores. There is no change in the interest rate for savings account deposits. Right now it remains at the rate of 2.85 per cent.
Bank of Baroda and Union Bank also increased rates
In recent times, many banks have increased the interest rates on fixed deposits. Bank of Baroda has increased the interest rate by 5-10 basis points. The new rate of interest has been implemented from June 15. Another public sector bank Union Bank of India has also increased the interest rate. Union Bank has decided to increase the interest rate on term deposits from June 16. According to the information available on the bank’s website, the interest rate on term deposits of less than 2 crores has now gone up to 3 percent for 7-14 days. The interest rate for 15-30 and 31-45 days is also 3%.
Source: www.tv9hindi.com
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